Which of the following statements is true?
A. When the forces of supply and demand determine for whom goods are produced in a society, an equitable distribution of income will naturally result.
B. An external benefit will occur when a third party enjoys some of the benefits derived from production of some good or service.
C. One of the roles of the United States government is to provide a job to any able-bodied person who wants a job.
D. The price mechanism will work well if there are at least two companies that are competing against each other.
B. An external benefit will occur when a third party enjoys some of the benefits derived from production of some good or service.
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The MRS of the indifference curves in the above figure
A) equals 1/2. B) equals 2. C) changes when moving along any one of the curves. D) is constant along a particular indifference curve, but changes from one indifference curve to the next.
The productivity standard says
A) that everyone should have exactly the same income. B) that the age-earnings cycle should determine income. C) that people should be compensated on the basis of what they produce. D) that people should be compensated on the basis of their need.
By the 18th century, the bulk of world output was produced in:
a. Asia b. Africa c. Europe d. The Asian offshoots e. none of the above
The basic difference between macroeconomics and microeconomics is that
What will be an ideal response?