In the 1990s, U.S. prices rose at about the same rate as in the 1970s

A market failure occurs when:

a. the market outcome is viewed as unfair by a majority of consumers. b. a market fails to provide the good at a zero price. c. quantity demanded exceeds quantity supplied. d. the market outcome is not the socially efficient outcome. e. prices are determined by the interaction of the forces of demand and supply and not through central planning.

Which of the following is subtracted from gross national product to arrive at the net national product?

a. net income of foreigners b. depreciation c. indirect business taxes d. transfer payments