A market failure associated with Keynesian economics is
A) pollution externalities.
B) economic agents cannot agree on prices and wages that are socially efficient.
C) insurance is imperfect.
D) banking panics.
B
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If the market for a product is broadly defined, then
A) there are many substitutes for the product and the demand for the product is relatively elastic. B) the good has many complements. C) the expenditure on the good is likely to make up a large share of one's budget. D) there are few substitutes for the product and the demand for the product is relatively inelastic.
Though many assets can be used as a store of value, money is a particularly attractive method to store value because:
A. it increases in value as prices rise. B. its purchasing power does not decline when prices rise. C. it is the most liquid of all assets. D. it is backed by gold.