According to most economists, the development of markets is:
A. both a necessary and a sufficient condition for development.
B. a sufficient condition for development but not a necessary condition.
C. a necessary condition for development but not a sufficient condition.
D. neither a necessary nor a sufficient condition for development.
Answer: C
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When prices of products are set below equilibrium,
a. society's resources are inefficiently allocated. b. firms expand output to increase profits. c. firms earn excessively high profits. d. consumers benefit from surpluses of cheap goods.
Which of the following moral theories is NOT consequentialist?
a. teleology b. act utilitarianism c. egoism d. kantian ethics
Use the following graph to answer the next question.
In the diagram, Qf is the full-employment output. A contractionary fiscal policy would be most appropriate if the economy's present aggregate demand curve were at
A. AD0. B. AD1. C. AD2. D. AD3.
Positive incentives: a. increase benefits or reduce costs
b. decrease the amount of affected behaviors. c. increase the amount of affected behaviors. d. Do both a. and c.