Solved by verified expert :53. The Internet would be
considered a negative externality.
54. Transfer payments are
one way the government can help with income inequality.
55. The welfare state came
about to offset some of the laissez-faire systems of the past.
56. “Perfect
competition” exists only when no single individual can influence the
market price.
57. For whom goods are
produced is a question that is largely answered by pricing the factors of
production that people own.
58. Capital goods differ
from other factors in that they are produced-they are outputs of the economic
system.
59. Prices serve to ration
the most scarce goods by making them more expensive.
60. Policies designed to
promote economic efficiency never operate in opposition to policies designed to
promote economic equity because efficiency implies that equity has been
achieved.
61. In a production process,
more specialization is always preferred to less specialization.
62. In the U.S., the
market system plays a critical role in deciding how much of current output is
to be allocated to current consumption and how much is to be devoted to future
consumption through the production of capital goods.
63. Capital goods are
consumption goods stored in inventory for consumption sometime in the future.
