Which of the following is NOT a necessary precondition for economic growth?
A) economic freedom
B) democracy
C) property rights
D) free markets
E) ALL of the above are necessary preconditions.
B
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According to the new classical system,
a. an anticipated change in aggregate demand will cause labor suppliers to make price forecast errors and will, therefore, affect output and employment. b. anticipated changes in aggregate demand will not affect output and employment because labor suppliers have perfect information about the price level. c. unanticipated changes in aggregate demand will shift both the aggregate demand schedule and the aggregate supply schedule. d. both b and c. e. None of the above
If left to market forces, activities that produce external benefits wil be over-produced
a. True b. False
When there is an excess quantity demanded of a product at the current price, then: a. the price will tend to fall
b. the price will tend to rise. c. the price must be above the equilibrium price. d. producers will reduce output and sales will fall.
If Vito decides to work 30 hours instead, his marginal utility loss from having less leisure will be 34.
a. 15
b. 21
c. 27
d. 8