Modern mixed economies
A. generally alter the outcome of market processes in a manner that is believed to be in the social interest.
B. attempt to redistribute income to make the distribution of income more equitable.
C. rely on the government as well as the market to effect the distribution of goods and services.
D. undertake all of the actions listed.
D. undertake all of the actions listed.
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In the new Keynesian model, if an aggregate demand increase is unanticipated, then ________
A) aggregate demand will not change B) short-run aggregate supply will shift up immediately C) short-run aggregate supply will shift down immediately D) there is no immediate effect on the short-run supply curve
Which of the following statements captures the meaning of transitivity of preferences?
a. If A is preferred to B, then B is less preferred than A. b. If A is preferred to B, and B is preferred to C, then A is preferred to C. c. If A is preferred to B and B is preferred to C, then the preference for A over B is stronger than the preference for B over C. d. If A is preferred to C, then there exists B such that A is preferred to B and C is preferred to A.
Figure 4-21
A shortage will tend to occur at which price in Figure 4-21?
a.
P1
b.
P2
c.
P3
Government in the United States plays an unimportant role in the economy because the rules for the functioning of the private economy are inherent in the markets themselves.
a. true b. false