In 1973, the U.S. experienced a decline in output and high inflation
a. True
b. False
Indicate whether the statement is true or false
True
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An increase in the public debt and its subsequent repayment will tend to
A. make the income distribution more equitable in the U.S. B. mildly increase the income inequality in the U.S. C. mildly reduce the income inequality in the U.S. D. have no impact on the income distribution in the U.S.
Which of the following is NOT a normative statement?
A) People buy more of a good or service when its price falls. B) The distribution of income is fair. C) The government ought to provide health care to everyone. D) Corporations should be more socially responsible.
Tony spends $36 per month on cookies. For him, chocolate chip cookies and peanut butter cookies are perfect substitutes. Chocolate chip cookies are $4 per dozen and peanut butter cookies are $3 per dozen
How many dozen of each type of cookie will Tony buy in a given month if he wants to maximize his utility?
The market mechanism:
A. Works through central planning by the government. B. Eliminates market failures created by the government. C. Uses prices as a means of communication between consumers and producers. D. Is very inefficient since consumers cannot communicate directly with producers.