When the market does not lead to an optimal allocation of resources, there must be
A. Too much regulation.
B. Proper antitrust laws in place.
C. A market failure.
D. A competitive market structure.
Answer: C
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A government budget surplus is
A) a situation in which the supply of goods in the economy is greater than the demand for goods. B) a situation in which the amount spent by the government is greater than the amount collected in taxes. C) the public debt. D) an excess of revenues over government spending.
The defining characteristic of oligopoly is product differentiation
a. True b. False
In 2008, the government bought $2,883 billion worth of goods and services that were part of GDP, representing about _________ of the total
a. half b. a third c. a fifth d. a quarter e. two fifths.
Adjustment costs include:
a. dealing with child labor issues. b. human rights. c. getting used to foreign products. d. short-term unemployment.