Which one of the following statements is correct?
What will be an ideal response?
Even if government programs are implemented with good intentions, they may still lead to undesirable outcomes.
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The “law” of diminishing returns rests on the “law” of variable input proportions.
Answer the following statement true (T) or false (F)
Imagine that there are only two nations in the world, the United States and Mexico. If Mexico experiences a drop in the price of foreign exchange, people in Mexico will
a. have to buy more U.S. currency, because prices of imports from the United States will have increased b. end up buying less U.S. currency, because U.S. prices on goods will decrease to everyone c. be able to afford less U.S. currency, and imports from the United States will be more expensive d. be able to afford more U.S. currency, and imports from the United States will be cheaper e. be able to afford more U.S. currency, and imports from the United States will be more expensive
An important antitrust concern about new companies such as Google and Facebook is that they:
A. do not have incentives to innovate. B. use data on their customers to direct ads. C. charge monopoly prices for their services. D. benefit from first-mover advantage.
The economic perspective focuses largely on marginal analysis, which means analyzing:
A. Peripheral elements of a given issue or action B. The minor aspects of a given issue or decision C. The changes in the situation that would result from a given action D. Emotional and psychological facets of a given action