The amount of unemployment that a country typically experiences is a determinant of its standard of living
a. True
b. False
Indicate whether the statement is true or false
True
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_____ is embodied in the notion of a social welfare function
a. Progressivism b. Socialism c. Utilitarianism d. Social insurance
A market transaction causes an externality if someone
a. directly involved in the transaction receives uncompensated benefits or costs from it. b. not directly involved in the transaction receives uncompensated benefits or costs from it. c. directly involved in the transaction seeks legal assistance to ensure that the transaction is carried out. d. not directly involved in the transaction interferes in it by imposing regulations or product standards.
Asymmetric information problems are less severe the __________ the borrowing firm, since there is __________ publicly available information about those firms
A) larger; more B) larger; less C) smaller; more D) smaller; less
Explain the relationship between opportunity costs and money costs. Can they be treated as identical?