Which of the following ways of distributing the laptops would be more efficient? (Check all that apply.)
A. Using a first-come, first-served rule.
B. Auctioning off the laptops to the highest bidders.
C. Using a random lottery to decide who gets the laptops.
D. Using flexible prices, so those who value the laptop more would pay more for it.
B. Auctioning off the laptops to the highest bidders.
C. Using a random lottery to decide who gets the laptops.
D. Using flexible prices, so those who value the laptop more would pay more for it.
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Which area represents the loss to the petroleum refineries as a result of the restoration of efficiency?
Use the following graph of the refined petroleum market to answer the questions below.
Governments sometime create an excess supply of a product by setting a minimum price that is greater than the equilibrium price, resulting in a permanent excess supply of the product. This is known as a price ceiling
Indicate whether the statement is true or false
A contractionary monetary policy can reduce the inflation rate without causing a rise in unemployment if expectations are formed rationally and monetary policy is
A) combined with expansionary fiscal policy. B) carried out in total secrecy. C) publicly announced and credible. D) combined with contractionary fiscal policy.
Which of the following best describes the concept of laissez-faire?
a. Government should not intervene in the economy b. Government should actively intervene in the economy whenever it judges the action to be beneficial. c. Government should intervene in the economy only to promote short-term economic stability. d. Government should intervene in the economy only to maximize long-term growth rates. e. Government should intervene in the economy only when the economy is not at full employment or there is substantial inflation.