The old adage "rules are made to be broken" would typically be associated with economists who might advocate ________
A) stabilization policy
B) monetary policy
C) rule-determined policy
D) discretionary policy
E) fiscal policy
D
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Computers and laser scanners are ________ for low-skilled labor and ________ for high-skilled labor. The introduction of these technologies ________ the wage rate of high-skilled workers and ________ the wage rate of low-skilled workers
A) complements; substitutes; raises; lowers B) substitutes; complements; lowers; raises C) substitutes; complements; raises; lowers D) complements; substitutes; lowers; raises
In the above figure, if initial equilibrium is at point A and if there is an unanticipated increase in aggregate demand from AD1 to AD2, then
A) in the short run real output will remain at Y1. B) in the short run real output will increase above Y1, but in the long run it will return to Y1. C) in the long run real output will increase above Y1. D) real output will increase above Y1 in both the short run and in the long run.
Consider an apple orchard owner deciding how to incentivize his fruit pickers to get them to pick more apples he should:
a. To pay the pickers per pound of apples picked b. To pay the pickers an hourly rate c. To pay the pickers an hourly rate plus a bonus d. To not pay the pickers
The idea that a voting scheme cannot be devised that respects individual preferences and gives consistent, nonarbitrary results is known as
A. the impossibility theorem. B. Samuelson's theory. C. the independence of irrelevant alternatives. D. logrolling.