The "miracle" of the market, as addressed in your text, refers to the countless goods and services of great complexity made abundantly available
A) under conditions of massive ignorance.
B) with a minimum number of errors and mistakes.
C) with few losses and bankruptcies.
D) with no systematic or scientific way of explaining how it happens.
A
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Suppose that choice sets are convex. State assumptions about tastes that are necessary and sufficient to guarantee that the first order conditions are necessary and sufficient for identifying a true optimum.
What will be an ideal response?
The relative price of a magazine in the above figure is
A) 0.5 of a hamburger per magazine. B) 1 hamburger per magazine. C) 1.33 hamburgers per magazine. D) 8 hamburgers per magazine.
Suppose the economy is producing at the natural rate of output and the government passes legislation that severely restricts a company's ability to reduce production costs via outsourcing
Everything else held constant, this policy action will cause ________ in the unemployment rate in the short run and ________ in inflation in the short run. A) an increase; an increase B) a decrease; a decrease C) a decrease; an increase D) no change; no change
Although the GATT was supported by most of the countries of the world, yet global trade shrank during the close of the last decade. This was due to:
a. growing suspicion among the nations of the world. b. hyperinflation in the major economies of the world. c. the recession which began in 2007. d. political turmoil in the Asian countries. e. the desire among the major players to dominate the international market.