Which of the following is a rationale for development planning?
(a) government failure.
(b) market failure.
(c) failure of consumers to understand their preferences.
(d) all of the above are rationales for development planning.
(e) none of the above are rationales for development planning.
B
Economics
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In a general equilibrium model
A) all markets but one clear. B) there are no fluctuations. C) all prices are exogenous. D) all prices are endogenous.
Economics
According to the principle of comparative advantage, total output and consumption levels will be highest when goods are produced in nations according to which of the following conditions?
A. Opportunity costs are lowest. B. Absolute advantages are highest. C. Opportunity costs are equal. D. Absolute advantages are lowest.
Economics