It is necessary for all economic systems to provide people with goods and services and also restrict them from getting as much of these goods and services as they wish, because failure to do this could ________ the efficiency of the system by
producing some goods and services that are ________.
A) reduce; valued more than others B) increase; valued more than others
C) increase; not as highly valued as others D) reduce; not as highly valued as others
D
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The income-expenditure model is best used for short-run analysis of economic fluctuations
Indicate whether the statement is true or false
Resource use is efficient when production is such that marginal social benefit is
A) greater than marginal social cost. B) equal to marginal social cost. C) less than marginal social cost. D) at its maximum value.
A country is moderately outward-oriented if there are relatively high import-substitution restrictions
a. True b. False Indicate whether the statement is true or false
Suppose that the exchange rate between Mexican pesos and dollars is 8 pesos per dollar. If the exchange rate goes to 6 pesos per dollar, it would tend to: a. decrease U.S. exports to Mexico
b. increase U.S. exports to Mexico. c. increase Mexican exports to the United States. d. both (a) and (c)