The French term "laissez-faire" means:
A. "there is no free lunch."
B. "let it be."
C. "circular flow."
D. "public ownership."
Answer: B
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Suppose that the quantity demanded for cars exceeds the quantity supplied of cars. We would expect that
A. the demand will decrease (demand will shift to the left to meet the supply. B. the price of cars will increase. C. the supply will increase (supply will shift to the right to meet the demand. D. the price of cars will decrease.
In the monetary small open-economy model with a fixed exchange rate, a temporary decrease in domestic total factor productivity in the absence of any other shocks
A) increases the current account surplus and increases the domestic money supply. B) increases the current account surplus and decreases the domestic money supply. C) increases the domestic money supply and decreases the current account surplus. D) decreases the domestic money supply and decreases the current account surplus.
The equilibrium level of regulation is where the marginal political benefits to the special interests are equal to the marginal political costs of the foregone regulation
a. True b. False
The owner of the local "Fatty Foods" chain of restaurants is thinking about retiring. He has two options: he can hire salaried managers for his stores or franchise them to local entrepreneurs. If the owner believes that there are high costs to monitoring the stores after he retires, what should he do?
a. Let the stores stay company stores b. Sell them off as franchises c. Shut down the business completely d. Never retire