Advocates of antipoverty programs claim that
a. the government has good information about what people are willing to pay to eliminate poverty.
b. fighting poverty is a public good.
c. private sector will incur higher costs than the public sector for these programs.
d. All of the above are correct.
b
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List and discuss various types of goods and services omitted from measured GDP
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What are the four types of markets? Give a brief description of each type
What will be an ideal response?
As more firms enter a perfectly competitive industry, the industry supply curve shifts
a. to the left and price falls b. to the right and price rises c. to the right and price falls d. to the left and price rises e. in an unpredictable way
If a price floor is set below the current market clearing price, then
A. a surplus must immediately occur. B. quantity demanded will remain equal to quantity supplied at the current market clearing price. C. there will be incentives for black markets to develop. D. a shortage must immediately occur.