The market
A. Always provides a better mix of goods and services without government intervention than it does with government intervention.
B. May not produce the optimal mix of output, which is known as government failure.
C. On its own may not always provide the optimal mix of goods and services.
D. Always provides the optimal mix of goods and services.
Answer: C
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The Interstate Commerce Commission (ICC) (1887–1995) was the very first attempt by Congress and/or the federal government to regulate the railroads; regulation had previously come solely from the states
Indicate whether the statement is true or false
__________ means selling goods below their cost of production.
A. Protectionism B. Dumping C. Import quotas D. Non-tariff barriers
According to mainstream macroeconomists, U.S. macro instability has resulted from:
A. investment "booms" and "busts" and, occasionally, adverse aggregate supply shocks. B. adherence by the Fed to a monetary rule. C. government's attempts to balance its budget. D. wide fluctuations in net exports.
A shift from AS1 to AS2 would be consistent with what economic event in U.S. history?
Refer to the graph above.
A. Demand-pull inflation in the late 1960s
B. Cost-push inflation in the mid-1970s
C. Full-employment in the late 1990s
D. Great Recession in 2007-2009