In his book The Road to Serfdom, Friedrich Hayek argued that the growth of government
a. was essential if the ups and downs of the business cycle were going to be controlled.
b. must be increased if western democracies were going to survive.
c. could only be achieved if monetary policy-makers were willing to expand the supply of money more rapidly.
d. endangered freedom and moved Western democracies toward tyranny, just as it had done in Nazi Germany and the Soviet Union.
D
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A perfectly competitive firm's short-run supply curve is
A) its marginal cost curve above the shutdown point. B) its average total cost curve above the minimum of the average variable cost. C) its average variable cost curve above the breakeven point. D) horizontal at the market price.
From 2001 to 2015, the debt—GDP ratio in the United States
A) steadily fell. B) steadily increased. C) was about constant. D) fell from 1995 to 1998, then rose sharply.
Perfect price discrimination:
A. eliminates all consumer surplus. B. maximizes producer surplus. C. creates no deadweight loss. D. All of these statements are true.
Under fixed exchange rates, a central bank
a. adjusts the money supply automatically and immediately to changes in the demand and supply of foreign exchange b. need hold no reserves of foreign exchange c. enforces the fixed exchange rate by refusing to buy or sell foreign exchange whenever changes occur in demand or supply d. may find its reserves fluctuating as demand and supply conditions change e. has no authority to buy or sell foreign exchange