Which one of the following is not a source of market failure?
A. public goods
B. price increases
C. imperfect information
D. externalities
Answer: B
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The above figure shows the market for hamburger. Which figure shows the effect of an announcement by the U.S. Food and Drug Administration (FDA)that eating hamburger causes early death?
A) Figure A B) Figure B C) Figure C D) Figure D
In January the price of widgets was $1.00, and Wendy's Widgets produced 80 widgets. In February the price of widgets was $1.50, and Wendy's Widgets produced 110 widgets. In March the price of widgets was $2.00, and Wendy's Widgets produced 140 widgets. The price elasticity of supply of Wendy's Widgets was about
a. 0.79 when the price increased from $1.00 to $1.50 and 0.84 when the price increased from $1.50 to $2.00. b. 1.27 when the price increased from $1.00 to $1.50 and 1.19 when the price increased from $1.50 to $2.00. c. 0.79 when the price increased from $1.00 to $1.50 and 1.19 when the price increased from $1.50 to $2.00. d. 1.27 when the price increased from $1.00 to $1.50 and 0.84 when the price increased from $1.50 to $2.00.
The economy pictured in the given figure has a(n) ________ gap with a short-run equilibrium combination of inflation and output indicated by point ________.
A. recessionary; A B. recessionary; C C. recessionary; B D. expansionary; A
Why does the opportunity cost of your college education include money you could have earned working instead of going to college?
A. Because most people who don't go to college work instead. B. Because the best alternative use of your time is working. C. Because people should be productive members of society. D. Because working a full time job takes as much time as going to college.