If resources are being used inefficiently, where will the economy be in terms of the PPF diagram

Explain why the oil price shocks after 1973 made countries unwilling to revive the Bretton Woods system of fixed exchange rates. See also Chapter 19

What will be an ideal response?

Which of the following is true? a. The nature of public goods is such that the government cannot accurately assess the benefits of those affected. b. National defense and flood control are illustrations of public goods

c. Just as in the case of external costs, public goods tend to be underprovided by the private sector. d. All of the above are true.

"To each according to what he or she produces" describes the ________ theory of income determination

A) productivity B) egalitarian C) equity D) needs

Deliberation councils have no private sector input

Indicate whether the statement is true or false