a. When the forces of supply and demand lead to an inefficient outcome: economists call this a market failure.
<h3>What is meant by market failure?</h3>
This is the term that has to do with the state where the market that is an economy can be said to not be working.
b. The question in this category needs us to be able to fill in the details from the question into the empty boxes. Therefore:
For the efficient box
- a market in which economic surplus is maximized
For the inefficient box:
- a market transaction in which buyers or sellers behave irrationally
- a market transaction in which one party has information not available to other party
- a market dominated by few powerful businesses
- a market in which government regulation creates distortions
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The answer is D.Level of bank credit.
Answer:
C. A federal system makes the government serve its citizens better because it allows for the existence of sub-units that have significant power.
Explanation:
A normative statement is a kind of statement which offers, the betterment, as includes a suggestion in the statement.
It is not descriptive statement, as it does not include any facts.
A descriptive statement states the facts and analyses the situations accordingly.
This statement is descriptive as rest above statements a and b includes facts.
And the statement d does not provide any suggestion, whereas only statement c provides a suggestion for the system.
Thus, correct option is
Statement c
A key part of the Income-Expenditure model is understanding that as national income (or GDP) rises, so does aggregate expenditure
<h3>
What is aggregate expenditure?</h3>
The equilibrium level of real GDP, which may be used to estimate the level of employment in the economy, is determined by the income-expenditure model. The aggregate expenditure schedule is the model's key component (or curve). Recall that total spending is the sum of four components: net exports, government spending, investment spending, and consumer spending.
Understanding that aggregate expenditure increases as national income (or GDP) increases is a critical component of the Income-Expenditure model. In the pages that follow, we'll go over the elements of total expenditure and look at how national income affects them. The total expenditure will then be calculated by adding the four parts collectively.
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Answer:
A. Workers were performing repetitive tasks.
Explanation:
This is doing the same thing over and over again.
