Transactions costs are:
A. the time and energy involved with creating an exchange.
B. often cited as a reason why purchasing power parity doesn't hold.
C. usually higher when transactions take place internationally.
D. All of these statements are true.
D. All of these statements are true.
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The theory of public choice examines
A. The role of self-interest in public decisions. B. How to apply cost-benefit analysis. C. The optimal government intervention to correct market failures. D. How a policy of laissez faire works to allocate resources.
During the 1960s and early 1970s, economists believed that the Phillips curve indicated
A. that higher inflation was the price for more unemployment. B. that higher levels of employment could be achieved with lower inflation. C. a menu of choices for policymakers. D. All of these responses are correct.
Currently, the marginal cost equation for a shoe manufacturing company is given by MC = 10 + 2Q. The market price per pair is $60. How many units should the company produce?
What will be an ideal response?
Real-world applications of deposit-refund systems include
a. programs implemented through state bottle bills b. initiatives aimed at proper disposal of lead-acid batteries c. programs that create incentives to return scrapped vehicles d. all of the above e. none of the above