If statistical analysis does not show clusters of characteristics
a. We can divide the world into economic systems
b. factors other than the economic system affect outcomes
c. growth cannot be measured accurately
d. we can study institutional economics but not comparative economic systems
e. None of the above
D
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Countries that restrict foreign trade are likely to
a. forgo the additional surplus that trade allows, but will probably enjoy economies of scale. b. forgo the additional surplus that trade allows, but will be compensated by a higher rate of technological change. c. forgo the additional surplus that trade allows, but will have a lower rate of unemployment. d. have more firms with domestic market power.
National defense is an example of an externality.
Answer the following statement true (T) or false (F)
Using the SSNIP test, if two firms merge and the result is that the new, merged firm can raise the price of its product by ________ percent for ________ year(s), then the product the merged firm produces represents a market.
A) one; five B) five; five C) five; one D) one; one
The existence of the Federal Deposit Insurance Corporation (FDIC):
A. increases the risk of moral hazard in the savings and loan industry. B. reduces the risk of moral hazard in the savings and loan industry. C. increases the risk that customers of savings and loans will engage in moral hazard, but reduces the risk that the lenders will engage in moral hazard. D. reduces the risk that customers of savings and loans will engage in moral hazard, but increases the risk that the lenders will engage in moral hazard.