Which of the following conditions must be satisfied for the demand for domestic goods to be equal to the domestic demand for goods?
A) X = ?IM
B) X = 0
C) G - T = 0
D) S = I
E) X = IM/?
E
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Government institutions that protect the rights of individuals are ______
a. the executive, legislative, and judicial branches of government b. federal, state, and local governments c. federal agencies such as OSHA, FEC, and the FCC d. police, military branches, and the court system
Each of the following is implied if we say that transactions costs are absent EXCEPT:
A. sellers can easily communicate their prices. B. buyers can easily locate suppliers and learn their prices. C. buyers and sellers can arrange transactions without significant obstacles. D. sellers do not charge a markup over marginal cost.
Because fewer people are now needed to perform an average job, it is said that the information technology revolution has played an important role in slowing down productivity in the United States
a. True b. False Indicate whether the statement is true or false
The difference between the price the consumer is willing to pay for a good or service and what he would have to pay for that unit is called: a. the total gains from trading that unit. b. the gain in producer surplus
c. the gain in consumer surplus. d. the total surplus.