The 'non-tariff barrier' includes which of the following? MCQ with Answer and Explanation

Explanation:
In C = a + bY, 'a' is autonomous consumption, consumption independent of income.

Explanation:
The Gini coefficient, Lorenz curve and Theil index are standard measures used to quantify the degree of inequality in the distribution of income or wealth.

Explanation:
Market failure occurs when free markets fail to allocate resources efficiently. Causes include externalities, public goods, asymmetric information and monopoly power. Perfect competition is an ideal, not a failure.