Economic efficiency and income equality are often conflicting goals in an economy.
Answer the following statement true (T) or false (F)
True
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From 2004 to 2006, the European Union budget was ________, private saving was ________ domestic investment, and foreign lending ________
A) balanced, roughly equal to, negligible B) balanced, less than, substantial. C) surplus, greater than, negligible D) in deficit, greater than, negligible
Solow residuals are estimates of ________
A) deadweight loss B) the natural rate of unemployment C) aggregate productivity D) labor hoarding
Properties of long-run competitive equilibrium with free entry include:
A. an equilibrium price equal to the minimum AC. B. firms earning zero profits. C. active firms producing at their efficient scales of production. D. All of these are properties of long-run competitive equilibrium.
The factors of production are the:
A. list of inputs required for a given durable good. B. ingredients that go into making any good or service. C. costs and benefits of a given production process. D. outputs that society as a whole have chosen to produce.