In this graph, what does Y represent?
a. demand
b. output
c. spending
d. consumption
b. output
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How do external costs prevent a competitive market from allocating resources efficiently?
What will be an ideal response?
A plan that sets targets to cover all major aspects of the national economy is known as a/an _____ plan:
(a) interindustry (b) complete (c) comprehensive (d) economic
It never occurred to Keynesians that they would have to choose between policies to control unemployment and policies to control inflation
Indicate whether the statement is true or false
There is no shortage of scarce resources in a market economy because
a. the government makes shortages illegal. b. resources are abundant in market economies. c. prices adjust to eliminate shortages. d. quantity supplied is always greater than quantity demanded in market economies.