The first economist to systematically analyze market failure was
A) Adam Smith. B) J. E. Meade. C) Ronald Coase. D) A. C. Pigou.
D
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What is the long-run average cost curve? What are the three ranges of output and in what order do they occur? Briefly define each of the three ranges
What will be an ideal response?
Funds in which deposits of many individual investors are pooled and safely invested in things like short-term government bonds are called money market funds
a. True b. False Indicate whether the statement is true or false
The consequences of the Volcker disinflation demonstrated that when Volcker announced his intention to reduce inflation quickly, on average the public thought
a. he would try to fool them by raising inflation to decrease unemployment. b. inflation would be unchanged. c. inflation would fall but not by as much or as quickly as Volcker claimed. d. inflation would fall even further than Volcker was willing to admit.
Which is the most accurate statement?
A. If most economists had to choose between a tariff and a quota, she or he would choose a tariff as the lesser of two evils. B. Both tariffs and quotas are basically good for our economy because they keep out foreign imports. C. Tariffs and quotas are equally bad for our economy. D. Most economists prefer import quotas to tariffs.