One of the drawbacks of cost-benefit analysis is that it _____
a. attempts to add up both the costs and the benefits
b. is not compatible with utilitarianism
c. cannot adjust for spending at different points in time
d. focuses on total costs and benefits
d
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Debtors gain and creditors lose when
A) the anticipated rate of inflation is greater than the actual rate of inflation. B) the anticipated rate of inflation is less than the actual rate of inflation. C) the anticipated rate of inflation is the same as the unanticipated rate of inflation. D) the unanticipated rate of inflation is zero.
The self-correcting tendency of the economy means that rising inflation eventually eliminates:
A. unemployment. B. exogenous spending. C. recessionary gaps. D. expansionary gaps.
According to Keynes, aggregate supply and aggregate demand will be equal only if
A. savings equals investment. B. savings exceeds investment. C. investment is larger than savings in the economy. D. is not related to the relationship between savings and investment.
Which of the following is not an assumption of the Cournot model presented in the text?
A. Both firms maximize profits. B. If the first firm cuts price, the second firm will follow and if the first raises price, the second will not follow. C. There are two firms in an industry. D. Each firm takes the output of the other firm as given.