Economic growth is likely to be faster when
What will be an ideal response?
domestic markets are opened to foreign sellers and foreign investors
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If workers demand and receive higher real wages (a successful wage push), the cost of production ________ and the short-run aggregate supply curve shifts ________
A) rises; leftward B) rises; rightward C) falls; leftward D) falls; rightward
Special districts are often set up among small governments to deal with _____
a. externalities internalized within a governments borders b. externalities that spill across borders c. free-riding problems concerning public goods d. unhealthy competition among local governments
If a cartel firm is producing a quantity at which the marginal revenue is $2 and the marginal cost is $2, the firm ________.
A) is producing less than the agreed upon quantity B) has erected a barrier to entry C) is producing the agreed upon quantity D) has acted in self-interest
Lack of well-defined ____ may cause market failures
a. fiscal policies b. public transportation systems c. private property rights d. interest rates e. monetary policies