Under laissez-faire, the force that drives the economy toward an efficient outcome is
A. central planning.
B. majority voting.
C. the pursuit of self-interest.
D. altruism.
Answer: C
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A federal budget ________ occurs when the government spends less than it collects in taxes
A) floor B) surplus C) equilibrium D) deficit
Structural unemployment results when wages are, for some reason, set above the level that brings supply and demand into equilibrium
a. True b. False Indicate whether the statement is true or false
Which of the following will not cause an increase in the present value of a sequence of payments?
A) a reduction in the current interest rate B) a reduction in expected future interest rates C) an increase in a future expected payment D) none of the above
What is the real balances effect, and how does it explain the shape of the aggregate demand curve?
What will be an ideal response?