The four specific sources of market failure are
A. Public goods, market power, externalities, and inequity.
B. Private goods, market power, externalities, and inequity.
C. Private goods, market goods, externalities, and inequity.
D. Public goods, market goods, externalities, and inequity.
Answer: A
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Those who favor an active approach to policy and those who favor a passive approach disagree not only on how quickly the government can act but also on how stable the economy basically is
a. True b. False Indicate whether the statement is true or false
As the terms of trade approach the domestic opportunity costs of a product, a country will experience:
A. Smaller gains from trade. B. Greater comparative advantage from trade. C. Greater absolute advantage from trade. D. Greater balance-of-trade surpluses.