Economist Abba Lerner compared the economy to a car needing:
A. An efficiency wage to make the labor markets work like an efficient engine
B. Regular price-level surprises, like oil changes, to make it run smoothly
C. A "steering wheel" that the government can use to guide it forward
D. A monetary rule to prevent a "backseat driver" from making it go off course
C. A "steering wheel" that the government can use to guide it forward
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The price elasticity of demand for gasoline is estimated to be -0.2. Two million gallons are sold daily at a price of $1. Use this information to calculate a demand curve for gasoline assuming it is linear
What will be an ideal response?
Which of the following is a feature of an M-Form organization?
a. divisions have difficulty responding to changes in customer demand b. it is difficult to maintain customer relationships c. coordination across divisions is simple and does not take much management time d. employee evaluation is hampered by managers often having different skill sets than those the manage
The ________ states that the individual, firm, region, or country with the lowest opportunity cost of producing a particular good should specialize in producing that good
a. law of absolute advantage b. law of comparative advantage c. law of diminishing marginal utility d. law of increasing opportunity cost
If government spending equals tax revenue, the government has
A. a surplus of zero, but possibly a deficit as well. B. either a surplus of zero or a deficit of zero. C. neither a surplus of zero or a deficit of zero. D. both a surplus of zero and a deficit of zero.