"An Inquiry into the Nature and Causes of the Wealth of Nations" published in 1776 was written by
A) John Maynard Keynes.
B) Karl Marx.
C) Alfred Marshall.
D) Adam Smith.
Answer: D
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Long-term interest rates are an example of
A) an intermediate target. B) an operating target. C) a monetary policy objective. D) a monetary policy tool.
Regulatory agencies engage in all of the following activities except _______
a. controlling entry into the regulated industries b. overseeing the quality of service provided by the firms c. setting federal and state income tax rates on regulated firms d. setting prices that consumers will pay e. none of the above
A disadvantage of having an annually balanced budget is that government spending would have to: a. allow the national debt to burgeon with chronic deficits
b. decline during a recession to offset the increase in tax revenues. c. rise during a recession to match the increase in tax revenues. d. rise during an expansion to offset the decline in tax revenues. e. decline in a recession to match the decrease in tax revenues.
Refer to Figure 5.5. Which diagram shows the price-consumption curve resulting from a decrease in the price of good X?
A. A
B. B
C. C
D. D