Efficiency is another word for equity.
Answer the following statement true (T) or false (F)
False
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The distinction between exogenous and endogenous variables is important because:
a. Endogenous variables are fixed by definition. b. Exogenous variables are fixed by definition. c. Endogenous variables are determined within the Three-Sector-Model while exogenous variables are not. Endogenous variables are therefore treated as shocks to the Three-Sector-Model. d. Endogenous variables are determined within the Three-Sector-Model while exogenous variables are not. Exogenous variables are therefore treated as shocks to the Three-Sector-Model. e. Exogenous variables are determined within the Three-Sector-Model while endogenous variables are not. Endogenous variables are therefore treated as shocks to the three markets.
A country's easy monetary policy is often used to correct the problem of
A. globalization. B. high taxes. C. unemployment. D. import quotas.
If we allow free trade in a small nation's industry where there is a domestic monopolist, the monopoly firm:
a. gains even more power. b. sees its profits rise. c. becomes a price taker, is not able to charge a higher price, and behaves like a competitive firm. d. is able to charge a higher price.
The advantage in the production of a product enjoyed by one country over another when it uses ________ to produce that product than the other country does is an absolute advantage.
A. more labor B. fewer resources C. more technology D. more capital