Latin American economies have become relatively more closed to international trade since 1985
Indicate whether the statement is true or false
FALSE
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The most important way in which inefficiency occurs is
A. producing more military goods instead of civilian goods. B. limiting economic growth by limiting capital spending. C. unemployment of labor and other resources. D. producing outside the production possibilities frontier. E. All of the responses are correct.
According to your textbook, rent controls on apartments
A) produce fair outcomes. B) create problems of their own. C) tend to promote efficiency. D) do both B and C. E) do none of the above.
Which of the following activities, if any, represents an external benefit? a. The benefit to a consumer from watching a film on DVD
b. The reduction in air quality resulting from industrial development in an urban area. c. The increase in the value of property belonging to your neighbors when you hire a landscaper to beautify your front yard. d. The reduction in property values when a new airport is built in a neighborhood.
The buyers and sellers who trade a particular good or service make up what we call a:
A. negotiators. B. market. C. store. D. mall.