Which of the following statements is true
a. in market equilibrium there are unconsummated value-creating transactions
b. in market equilibrium there are unconsummated wealth-destroying transactions
c. in market equilibrium there are no unconsummated wealth-creating transactions
d. none of the above
c
You might also like to view...
Outcome-oriented notions of equity:
A. focus on the procedures used to arrive at an allocation of resources rather than on the allocation itself. B. focus on whether the process used to allocate resources yields fair results. C. include process-oriented notions of equity. D. focus on what people could choose rather than what they actually choose.
Which of the following statements is true about comparative advantage?
a. Comparative advantage exists whenever one person, firm, or nation can do something at higher opportunity costs than some other individual, firm, or nation. b. Comparative advantage is interesting theoretically, but it is not relevant when evaluating real-world economic conditions. c. Low income countries cannot possibly have a comparative advantage in the production of any good or service because of the relatively low literacy rate. d. Comparative advantage exists whenever one person, firm, or nation can do something at lower opportunity costs than some other individual, firm, or nation. e. Only technologically advanced economies can have a comparative advantage in the production of a good or service.
The Army Corps of Engineers has been accused of acting on the basis of a so-called "edifice complex."
a. True b. False Indicate whether the statement is true or false
For country A, an export is a good produced in:
A. country B and purchased by residents of country B. B. country B and purchased by residents of country A. C. country A and purchased by residents of country B. D. country A and purchased by residents of country A.