When economists say that policy A is more efficient than policy B, they mean policy A is better than policy B.
Answer the following statement true (T) or false (F)
False
Rationale: To say that policy A is more efficient than policy B is only to say that, at least in principle, it is possible to make everyone better off (or at least as well off) under policy A than policy B. This is not the same as making a normative judgment about which policy is better.
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Hyperinflation is defined as an inflation rate
A) that doubles each year. B) that increases rapidly in one year and decreases rapidly the next year. C) that exceeds 50 percent per month. D) that is moderately high but anticipated.
The components of aggregate expenditure that change when real GDP changes are known as
A) unplanned expenditure. B) induced expenditure. C) autonomous expenditure. D) changeable expenditure. E) planned expenditure.
The American Dairy Association starts a highly successful advertising campaign that makes most people want to drink more milk. As a result,
A) the demand for milk increases. B) the quantity demanded of milk increases. C) the price of milk falls to encourage people to drink more milk. D) the demand for milk is not affected. E) the demand for milk decreases because the price of milk rises.
Human capital is defined as the
A) amount of machinery human beings have. B) number of factories built for human beings. C) accumulated skill and knowledge of human beings. D) accumulated amount of machinery and factories human beings own. E) skills that people are born with.