In a market, buyers and sellers
A. exchange goods and services for money.
B. compete with one another.
C. are in the same place.
D. undermine the proper functioning of the economy.
Answer: A
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Most economist would consider the marginal private benefit of education is
A) less than the marginal social benefit. B) equal to the marginal social benefit. C) greater than the marginal social benefit. D) equal to the marginal social cost.
Use the information in the above table. The external marginal costs are
A) increasing. B) decreasing. C) constant. D) inverse to quantity produced.
Distribution is a major question to be answered by any economic system.
Answer the following statement true (T) or false (F)
Most economists reject the theory of rational expectations because
A. expectations adjust very quickly. B. workers receive wage increases in advance of inflation. C. the short-run aggregate supply curve is vertical. D. labor contracts tend to embody past inflation rates.