The political philosophy that views the redistribution of income as a form of social insurance is
a. utilitarianism
b. liberalism
c. libertarianism
d. welfarism
b
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In the Keynesian theory of money demand,
a. the velocity of money is constant. b. the marginal propensity to hold money is constant. c. money is held in part because it is an asset. d. interest rates are fixed. e. none of the above.
The real rate of interest is the
A) nominal rate of interest minus the anticipated rate of inflation. B) current rate actually paid by the borrower. C) difference between the bank's lending and savings rates. D) current rate which the government pays on its debt.
If real interest rates in Japan fall relative to real interest rates in the United States, the yen will likely __________ in terms of the dollar and the dollar will likely __________ in terms of the yen
A) appreciate; depreciate B) depreciate; appreciate C) remain unaffected; remain unaffected D) remain unaffected; appreciate E) remain unaffected; depreciate
When an external cost exists that is NOT taken into account in the production of a product,
A) the level of output is too low, and the supply curve should shift to the right to account for the externality. B) the level of output is optimal, and there should be no change in the supply curve. C) the price of the product is too high, and production should be expanded to lower the price. D) the level of output is too high, and the supply curve should shift to the left to account for the externality.