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The basic principles of economics suggest that: a) Markets are seldom, if ever, a good way to organize economic activity, b) Government should become involved in markets when trade between countries is involved, c) Government should become involved in markets when those markets fail to produce efficient or fair outcomes, d) All of the above are correct
The basic principles of economics suggest that:
a) Markets are seldom, if ever, a good way to organize economic activity,
b) Government should become involved in markets when trade between countries is involved,
c) Government should become involved in markets when those markets fail to produce efficient or fair outcomes,
d) All of the above are correct.
Expert Solution
Answer: C
The basic principles of economics state that markets are almost always the best way to organize economic activity and thus A is incorrect and so is D by rule. They also state that trade can benefit both nations when government do not prevent trade from occurring. Thus B is incorrect. They do state though that the market isn't always perfect and in some rare cases, government can help produce efficient outcomes that the markets can't. Thus C is correct.
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