List the four ground rules for a well-functioning market
What will be an ideal response?
The four ground rules are competition, honesty, information, and property rights.
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Keynes argued that when unemployment was high, wages would ________.
A. resist rising B. resist falling C. rise quickly D. fall quickly
The Social Security trust fund is an asset to the federal government and a liability, simultaneously
a. True b. False
Most goods in the economy are
a. club goods. b. common resources. c. public goods. d. private goods.
Both Diana and Sarah like jazz music and music by the Beatles. Diana likes music by the Beatles much better than jazz music, whereas Sarah prefers jazz music to music by the Beatles. If we were to graph an indifference curve with CDs by the Beatles on the horizontal axis and jazz CDs on the vertical axis, then
a. Diana and Sarah would have identical indifference curves. b. Diana's indifference curve would be steeper than Sarah's indifference curve. c. Sarah's indifference curve would be steeper than Diana's indifference curve. d. We do not have enough information to compare their indifference curves.