As a result of the government procurement policy in the U.S.:
a. the domestic consumers are required to pay a higher price than the world price for the domestically produced goods.
b. the government wields the sole authority of importing goods from abroad.
c. the government wields the sole authority of exporting goods.
d. the domestic producers can charge the government a higher price for their products than they charge consumers.
e. the government is required to sponsor research and development for the domestic firms.
d
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Market failure will most likely arise from poor information when the product is
a. a repeat-purchase item. b. easily evaluated on inspection. c. often purchased from the same seller. d. unlikely to be purchased from the same seller in the future.
Answer the following statements true (T) or false (F)
1) The idea that the economy will "self-correct" when confronted with changes in aggregate demand is associated with new classical economics. 2) In the new classical theory, a fully anticipated change in aggregate demand and the price level will temporarily change real output, but an unanticipated change will not. 3) Mainstream economists say that recessions are unlikely to occur today because prices and wages are highly flexible downward. 4) Efficiency wage theory says that an above-market wage can reduce labor costs per unit of output by eliciting greater work effort, lowering supervision costs, and reducing job turnover.