According to Baumol and Blinder, does the U.S. economy have a self-correcting mechanism?
a. No, there is no such thing in reality.
b. Yes, and it works very rapidly.
c. Yes, and it works very slowly.
d. No, unless the aggregate supply curve is perfectly flat.
c
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A consumer values a car at $525,00 . and a producer values the same car at $485,000 . If sales tax is 8% and is levied on the seller, then the sellers bottom line price is
a. $527,000 b. $523,800 c. $525,000 d. $500,000
Sharing the results of applied research conducted under government sponsorship with the private sector, such as the development of the Global Positioning System (GPS), is an example of a government policy to promote economic growth by:
A. increasing physical capital. B. increasing human capital. C. increasing the availability of natural resources. D. improving technology.
If the CPI is now 325, by what percent did the price level rise since the base year?
Fill in the blank(s) with the appropriate word(s).
Discuss the three basic types of economic systems