Characteristics of the "invisible hand" concept include all of the following, except
A. Simple markets.
B. Individuals and firms pursue their own self-interest without any central direction or regulation.
C. A complete lack of government involvement in the economy.
D. All of the choices are characteristics of the "invisible-hand."
D. All of the choices are characteristics of the "invisible-hand."
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One of the ways that a perfectly competitive firm and a nondiscriminating monopolist are different is that
a. the marginal cost curve is U-shaped for a perfectly competitive firm but not for a monopolist b. P = AR for a perfectly competitive firm but not for a monopolist c. P = MR for a perfectly competitive firm but not for a monopolist d. the average revenue curve and demand curve are the same for a perfectly competitive firm but not for a monopolist e. only the monopolist seeks to maximize profits
The rapid advance in computer technology is one of the reasons given for the shift of the
A. aggregate demand curve outward. B. aggregate supply curve inward. C. aggregate supply curve outward. D. total expenditures curve upward.
While legislation enacted in 1998 granted the Bank of Japan new powers and greater autonomy, its critics contend that its independence is
A) limited by the Ministry of Finance's veto power over a portion of its budget. B) too great because it need not pursue a policy of price stability even if that is the popular will of the people. C) too great since the Ministry of Finance no longer has veto power over the bank's budget. D) limited since the Ministry of Finance can dismiss senior bank officials.
The marginal propensity to consume (MPC) is the change in consumption divided by the change in saving
a. True b. False Indicate whether the statement is true or false