Many economists challenged the idea of passive government involvement in the economy following the inflation of the 1970s and early 1980s, and the recessions of 1974-1975 and 1980-1982.
Answer the following statement true (T) or false (F)
False
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In a market with ________, one side of the market has private information that is relevant for the other side
A) asymmetric information B) perfect competition C) monopolistic competition D) positive externalities
The fraction of people who would like to be employed, but can't find work is called the:
A. inflation rate. B. participation rate. C. average labor productivity rate. D. unemployment rate.
Production decisions are centralized in a(n)
A. command economy. B. invisible-hand economy. C. utopian economy. D. laissez-faire economy.
A deadweight loss occurs whenever
A) the total benefit of a good does not equal its total cost. B) the marginal social benefit of a good does not equal its marginal social cost. C) there is perfect price discrimination. D) there is no consumer surplus.