Government intervention can be productive and efficiency enhancing:
A. because the government always acts with altruistic motives.
B. in markets for public goods and common resources.
C. whenever it regulates a market.
D. except in markets for public goods.
Answer: B
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The market structure that is characterized by a small number of large firms that have some market power is called:
A) perfect competition. B) monopolistic competition. C) oligopoly. D) monopoly.
Milky Moo and Mega Cow are the only sellers of milk. Milky Moo's supply function is QsMMoo = 12P - 6 at prices above $0.50 and zero at prices below $0.50. Mega Cow's supply function is QsMCow = 9P - 3 at prices above $0.33 and zero at prices below $0.33. In this case, the market supply curve for milk is:
A. kinked at a price of $0.33. B. kinked at 1.5 units. C. downward sloping. D. kinked at 3 units.
In 2013, which of the following countries’ exports of goods and services as a percentage of GDP exceeded 50%?
a. United States b. Canada c. India d. Korea
Which of the following would likely result in an increase in the demand for beef?
A. A decrease in the price of pork B. An increase in the price of feed grains for cattle C. An increase in family incomes D. A decrease in the supply of beef