The Possibility That the Economy May Benefit from Having Market

question 111

Multiple Choice

The possibility that the economy may benefit from having market power, rather than being very competitive, is closely identified with which famous economist?

• A)Arnold Harberger
• B)Joseph Schumpeter
• C)Sergey Brin
• D)Donald Turner

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Definitions:

Imports

Goods or services brought into one country from another for the purpose of sale.

Comparative Advantage

A principle that states a country should produce goods and services at a lower opportunity cost than its trade partners.

Monetary Cost

The total amount of money that is spent in order to purchase goods or services.

Resources

Inputs or assets used in the production of goods and services, including labor, capital, and natural materials.