Input-output analysis is rarely used because
a. it requires tremendously complex calculations.
b. it requires large amounts of data.
c. market economies can instead rely on the price mechanism to organize production.
d. All of the above are correct.
d
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The figure above shows the market for milk. If one firm owns all the milk outlets in the city and sells 100 gallons of milk
A) the market is efficient because the marginal social benefit from the last gallon of milk exceeds its marginal social cost. B) the market is efficient because the total social benefit from milk exceed the total social cost. C) there is a deadweight loss because the marginal social benefit from the last gallon of milk exceeds its marginal social cost. D) there is a deadweight loss because the marginal social cost of the last gallon of milk exceeds its marginal social benefit.
If, when recovering from an inflationary period, the inflation rate declines and the unemployment rate also declines, this could be the result of
A. aggregate supply decreasing at a faster rate than aggregate demand is increasing. B. aggregate supply decreasing at a faster rate than aggregate demand is decreasing. C. aggregate supply increasing at a slower rate than aggregate demand is decreasing. D. aggregate supply increasing at a faster rate than aggregate demand is decreasing.