The statement, "because the invisible hand allocates resources efficiently, economies ought to minimize government interference" is an example of:
A. an economic precept.
B. efficiency.
C. an economic theorem.
D. a natural experiment.
Answer: A
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Suppose your bank pays you 5 percent interest per year on your savings account. If prices increase by 5 percent per year over that time, approximately how much real value do you gain by keeping $100 in the bank for a year?
A) $0 B) $1 C) $3 D) $6
Refer to the above figure. Which of the above panels represents complete income equality?
A) Panel A B) Panel B C) Panel C D) Panel D
If unemployment is below the NAIRU, inflation generally:
A. accelerates. B. decelerates. C. becomes negative. D. gets caught in a downward spiral.
The over hunting of U.S. buffalo that nearly caused their extinction would be an example of the tragedy of the commons
a. True b. False Indicate whether the statement is true or false