During the antebellum period, the federal government assumed
(a) responsibility for full employment.
(b) responsibility for stable prices.
(c) responsibility for the overall economy through control of the money supply.
(d) little responsibility for most economic matters, leaving them to private individuals in businesses and households.
(d)
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If the price of a product increases
A. total revenue will definitely decrease. B. total revenue will definitely increase. C. consumer surplus will decrease. D. consumer surplus will increase.
Most economic model builders would claim that their models
a. include all real-world economic activities b. portray how the real economy works c. take into account all the complexities of how people behave d. contradict the ceteris paribus assumption e. consider all the important pressing issues people confront
Figure 2-3
Which point in is not possible for this society to produce?
a.
A
b.
B
c.
C
d.
D
e.
E
When the invisible hand of self-interest results in an efficient outcome, market failure is the result.
Answer the following statement(s) true (T) or false (F)