Which one of the following is an example of a normative statement?
A) A digital camera costs more than a disposable camera.
B) Most digital cameras sold in the United States are imported from other countries.
C) A camera makes a good wedding gift.
D) More people will buy digital cameras as their prices decline.
C
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Market failure occurs when
a. all Pareto improvements are undertaken b. refusal to make a side payment reduces Pareto efficiency c. the economy operates above the production possibilities frontier d. markets are perfectly competitive e. some Pareto improvements are not made
The special-interest effect is significant because:
A. It corrects instances of spillover costs and benefits B. It can contribute to economic inefficiency in the public sector C. Capitalistic economies are based upon the pursuit of self-interest D. It causes quantity demanded to equal quantity supplied in competitive markets