The laissez-faire free-market system is
a. an ideal of perfection.
b. one that leaves no room for improvement.
c. unmatched by any other system for allocative efficiency.
d. All of the above are correct.
c
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If the government of a country is maintaining an overvalued currency against the dollar, then the:
A) quantity of dollars demanded will exceed the quantity of dollars supplied in the foreign exchange market. B) quantity of dollars demanded will equal the quantity of dollars supplied in the foreign exchange market. C) quantity of domestic currency demanded will exceed the quantity of dollars supplied in the foreign exchange market. D) quantity of dollars supplied will exceed the quantity of dollars demanded in the foreign exchange market.
In the market for bank reserves, the supply of reserves is
A) an upward sloping curve. B) a downward sloping curve. C) a vertical curve. D) none of the above.
Refer to the above table. Nation "A" has a balance of trade
A) deficit of 50. B) surplus of 50. C) deficit of 10. D) surplus of 10.
Marginal social cost is defined as marginal private cost
a. plus opportunity cost. b. plus marginal opportunity cost. c. minus incidental cost. d. plus incidental cost.