Which of the following would a person who believed in the doctrine of laissez faire disapprove of?
(A) The invisible hand of the marketplace.
(B) Government funding of education.
(C) Self-interest as the motivating force in the free market.
(D) Consumer sovereignty.
Ans: (B) Government funding of education.
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Use the following graph to answer the next question.
If AD1 shifts to AD2, then the equilibrium output increases from ________.
A. Q1 to Q2 while the price level rises from P1 to P2 B. Q1 to Q2 while the price level falls from P2 to P1 C. Q1 to Q3 while the price level rises from P1 to P2 D. Q1 to Q3 while the price level falls from P2 to P1
People often use probability statements to describe events that can only happen once. For example, a political consultant may offer their opinion about the probability that a particular candidate may win the next election
Probability statements like these are based on ________ probabilities. A) frequency-based B) objective C) subjective D) universally known
Keyes argued that a ____________ in consumer spending would tend to depress the economy.
Fill in the blank(s) with the appropriate word(s).
Refer to the information provided in Table 31.2 below to answer the question(s) that follow.Table 31.2PeriodQuantity of Labor (L)Quantity of Capital (K)Total Output (Y)1 50 50 2002 50 60 2153 50 70 2254 50 80 230Refer to Table 31.2. During Period 2, labor productivity is equal to
A. 0.23. B. 0.51. C. 1.95. D. 4.3.