The U.S. economy is not a perfectly competitive market. There are costs associated with negotiating contracts, enforcing agreements, taxes and less than perfectly competitive firms. Nevertheless, according to Wallis and North (1986), the U.S.
economy has grown in the presence of these transaction costs and these costs have risen sharply as a percentage of GDP between 1890 and 1970. Indicate whether the statement is true or false
Question 2
The Keynesian aggregate supply schedule slopes upward because of
a. unstable expectations.
b. inflexible wages and prices.
c. changes in technology.
d. differences between actual and expected price levels.
Increasing Costs of Natural Disasters
In 2008, the U.S. economy suffered a gaping wound as several trillion dollars were ripped out of it.
Should We Prolong Life at all Costs?
Links to the World Economy
Too Much Alcohol Costs You Good Nutrition
Project Management: Achieving Competitive Advantage, 5th Edition