The notion of ________ is that through income redistribution, the rich sacrifice a little and the poor gain a lot.
A. Rawlsian justice
B. distributional justice
C. labor value
D. utilitarian justice
Answer: D
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Economists prefer to look at declared preferences (how they say they behave) rather than revealed preferences (how people actually behave)
a. True b. False Indicate whether the statement is true or false
Some countries have economies that are extremely market-oriented, while other countries have ___________ economies.
a. private b. textile c. command d. internal
A 2009 article in The Economist noted that
a. recent research has allowed economists to estimate the values of fiscal multipliers with a great deal of precision. b. research on multipliers indicates that multipliers for permanent tax cuts tend to be smaller than multipliers for temporary tax cuts. c. most of the evidence on multipliers for government spending is based on changes in military expenditures. d. All of the above are correct.
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Macro AD-AS Model
In Exhibit 14A-4, the level of real GDP represented by Yp:
A. would be associated with considerable unemployment. B. indicates that the economy is experiencing zero inflation. C. indicates the short-run equilibrium level of real GDP. D. is potential real GDP for this economy.