Efficiency is an important social goal because:
A. movements toward economic efficiency make the total economic pie larger.
B. it assures a normative outcome.
C. it takes into consideration the distribution of income.
D. it assures a fair outcome.
Answer: A
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If the expected inflation rate changes, the long-run Phillips curve ________, and the short-run Phillips curve ________
A) shifts rightward; shifts upward B) does not shift; shifts upward C) shifts rightward; shifts downward D) shifts rightward; does not shift E) does not shift; does not shift
Learning curves mean
a. you learn from experience b. current production decreases future unit costs c. production today leads to lower costs in the future d. All of the above
The institution that is responsible for maintaining international monetary stability is the:
A. International Monetary Fund. B. World Bank. C. United Nations. D. International Reserve Bank.
When calculating the price elasticity of demand, we assume that the price of the good changes while all other variables affecting
a. demand except buyers' incomes remain constant b. demand except the population size remain constant c. demand and supply remain constant d. supply remain constant e. demand remain constant