According to economist Milton Friedman, a major reason for macroeconomic instability is due to:
A. Tax changes by the Federal government
B. Spending reductions by the Federal government
C. The discretionary monetary policy of the Federal Reserve
D. The issuance of bonds by the U.S. Treasury Department
C. The discretionary monetary policy of the Federal Reserve
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What are the automatic stabilizers the United States has in place, and how do they function differently from discretionary fiscal policy?
What will be an ideal response?
A species of snakes became extinct due to pollution in a river where the snakes once lived. This is an example of
a. a market failure caused by an externality. b. a market failure caused by market power. c. a market failure caused by equality. d. There is no market failure in this case.
Which of the following is not held constant in a demand schedule?
a. income b. tastes c. price d. expectations
Competition is
What will be an ideal response?