Efficiency
a. and equality both refer to how much a society can produce with its resources.
b. and equality both refer to how fairly the benefits from using resources are distributed between members of a society.
c. refers to how much a society can produce with its resources. Equality refers to how evenly the benefits from using resources are distributed among members of society.
d. refers to how evenly the benefits from using resources are distributed between members of society. Equality refers to how much a society can produce with its resources
c
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Which of the following algebraic forms of a demand curve yields an isoelastic demand curve (i.e. a demand with constant elasticity)?
A. Q = a - bP + cI B. log(Q) = a - b log(P) + c log(I) C. Q = a - b log(P) + c log(I) D. log(Q) = bP + cI
The rationing function of prices refers to
A. the synchronization of decisions by buyers and sellers that leads to an equilibrium. B. the situation when government must intervene in a market when there is a large shortage or surplus. C. the situation when only the rich get the goods they want. D. the synchronization of decisions by buyers and sellers through the direction of government agencies.
The government’s budget accounts for about 80 percent of GDP in the United States.
Answer the following statement true (T) or false (F)
If the FOMC's directive indicates a change in monetary policy, the account manager at the Fed's Open Market Trading Desk must
A) design dynamic open market operations. B) design defensive open market operations. C) seek approval of the change from the Secretary of the Treasury. D) seek approval of the change from a majority of the presidents of the Federal Reserve district banks.