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Economics is the study of how evenly goods and services are distributed within society.

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False

Market failure refers to a situation in which the market does not allocate resources efficiently.

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In the long run the primary effect of increasing the quantity of money is higher prices.

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The invisible hand ensures that economic prosperity is distributed equally.

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The "invisible hand" influences market behavior through trade.

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Efficiency means everyone in the economy should receive an equal share of the goods and services produced.

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Suppose one county in Missouri decides it wants to reduce alcohol consumption,so the county passes a law that raises the price of a bottle of beer by $1.As a result,people drive to other counties to drink alcohol,which results in an increase in drunk driving.This illustrates the principle that people respond to incentives.

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Market power and externalities are two possible causes of market failure.

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Equality means distributing society's resources in the most efficient manner.

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False

If wages for accountants rose,then accountants' leisure time would have a lower opportunity cost.

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False

If the average cost of transporting a passenger on the train from Chicago to St.Louis is $75,it would be irrational for the railroad to allow any passenger to ride for less than $75.

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Inflation increases the value of money.

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Inflation is the primary determinant of a country's living standards.

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The cost of an action is measured in terms of foregone opportunities.

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One way that governments can improve market outcomes is to ensure that individuals are able to own and exercise control over their scarce resources.

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Productivity is defined as the quantity of goods and services produced from each unit of labor input.

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The goal of President Obama's stimulus package and increased government spending following the deep economic downturn in 2008 and 2009 was to reduce inflation.

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The government can potentially improve market outcomes if market inequalities or market failure exists.

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Economics is the study of how society allocates its unlimited resources.

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Market failure occurs when no individual has the ability to substantially influence market prices.

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Showing 1 - 20 of 51

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