If the production of oranges reduces global warming, then the equilibrium quantity of oranges will be ________ the socially optimal quantity.
A. lower than
B. equal to
C. more valuable than
D. higher than
Answer: A
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Asymmetric information is a situation in which ________ parties to a transaction have relevant private information that is ________ to the other parties.
A) all; unknown B) some; unknown C) some; known D) all; known
Define what dead capital is and why economists are concerned with its existence
What will be an ideal response?
The pre-Keynesian or classical economic theory predicted that in the long-run the economy would experience:
a. long periods of high unemployment. b. rising rates of inflation. c. only temporary periods of high unemployment. d. idle factors of production.
Recessionary gaps usually lead to
a. structural unemployment. b. cyclical unemployment. c. seasonal unemployment. d. frictional unemployment.