What, according to the textbook, accounts for the federal budget surplus in the late 1990s?
A) A move toward virtue on Capital Hill
B) Strong economic growth during that period
C) Huge increases in tax rates
D) A successful beggar-thy-neighbor strategy
B
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In the long run, firms in monopolistic competition produce at a level that is ________ the efficient scale of output
A) less than B) equal to C) more than D) All of the above are possible depending on market conditions.
In Adam Smith's competitive market economy, the question of what goods to produce is determined by:
a. the "invisible hand" of the price system. b. businesses. c. unions. d. the government, through laws and regulations.
Equilibrium, in the short run, is achieved when:
a. differences in rates of return cause investors to purchase and sell currency and thereby change the spot rate of exchange. b. the government recognizes a problem and takes action to correct it. c. traders adjust their expectations to match reality. d. inflation falls to zero.
Common property ownership most likely leads to
A) an efficient allocation of resources. B) production at a rate at which price is less than social cost. C) more social justice. D) an increase of externalities.