The idea of government failure includes all of the following except
What will be an ideal response?
extensive positive externalities from public and quasi-public goods.
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The cost of lobbying for an import quota in a perfectly competitive market
A) increases the welfare loss of the quota. B) decreases the deadweight loss of the quota. C) shifts the supply curve of the good to the left. D) increases the consumer surplus.
Suppose that the economy experiences an increase in the inflation rate at the same time that the unemployment rate decreases. This situation indicates a:
a. shift in the Phillips curve. b. movement along a vertical Phillips curve. c. movement along a horizontal Phillips curve. d. movement along a positively-sloped Phillips curve. e. movement along a negatively-sloped Phillips curve.
The equation E¥/£ = 100 means that:
a. one yen buys 10 pounds. b. 0.1 yen buys one pound. c. 10 yen buy one pound. d. 0.01 yen buys one pound.
The Fed conducts an open-market purchase of Treasury bills of $10 million. If the required reserve ratio is 0.10, what change in the money supply can be expected using the oversimplified money multiplier?
A. $100 million B. $10 million C. 0 D. ?$10 million E. ?$100 million