If a fiscal policy program requires new legislation to make it happen, it is
A. discretionary.
B. contractionary.
C. unconstitutional.
D. non-discretionary.
Answer: A
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In the absence of the Ricardo-Barro effect, an increase in the government deficit results in a ________ real interest rate and a ________ equilibrium quantity of investment
A) higher; higher B) higher; lower C) lower; higher D) lower; lower
On September 3, 2003, Universal Music Group announced plans to reduce the wholesale price of music CDs it distributes by an average of 25-30 percent. All else constant (i.e
, ignoring the effects of file-sharing programs), how would this change affect the retail market for new music CDs? A) Demand for CDs would increase, causing equilibrium price and quantity to increase. B) The supply of CDs would increase, causing equilibrium price to decrease and equilibrium quantity to increase. C) Demand for CDs would decrease, causing equilibrium price and quantity to decrease. D) The supply of CDs would decrease, causing equilibrium price to increase and equilibrium quantity to decrease.
The ________ assumes that people choose efficient means to achieve their ends, but it regards goals as objects of choice that are subject to a similar efficiency requirement.
A. Weber-Fechner law B. present aim standard of rationality C. standard rational choice model D. adaptive rationality standard
A market shortage is
A. The result of a price floor. B. A situation in which producers cannot sell all the goods and services that they are willing and otherwise able to sell. C. The amount by which the quantity demanded exceeds the quantity supplied at a given price. D. The amount by which the cost of production exceeds the price of a good.