Competition best describes a market failure that provides an economic rationale for government intervention in markets
Indicate whether the statement is true or false
false
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Which of the following is NOT included in M1 or M2?
A) credit card balances B) checking account balances C) currency in circulation outside of commercial banks D) traveler's checks
Describe, in general terms, the lags in the effects of monetary policy on interest rates, output, and prices. Be sure to note how long it takes each variable to respond to policy changes
What will be an ideal response?
Crowding out occurs when
a. increased taxes force higher levels of national saving. b. deficit spending by the government forces private investment spending to contract. c. local businesses cannot get government contracts because of the higher bids of large corporations. d. foreign investors are willing to pay higher prices for U.S. bonds than American citizens will pay.
When economists speak of changes in GDP measured in constant dollars, they mean that
What will be an ideal response?