When government action is justified based on the argument that everyone agrees to be coerced _____
a. we cannot be sure that everyone is in favor of the action
b. the same justification is true of market exchange
c. we can be sure that the current state of affair is Pareto efficient
d. the private interest becomes the public interest
a
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The measure used to determine whether two products are complements or substitutes is called the
A) price elasticity of supply. B) cross elasticity of demand. C) price elasticity of demand. D) income elasticity. E) substitute elasticity of demand.
Inflation can be defined as
A. an overall decline in average prices. B. the situation that exists when exports exceed imports. C. an overall increase in average prices. D. an increase in most prices.
If the FOMC decides that the Fed should buy bonds it
A. requires the permission of the Financial Oversight Committee. B. requires the President's signature on the buy order. C. instructs the New York Federal Reserve Bank's trading desk to buy them. D. asks the Congress for permission to buy them.
In 2015, the population of the world
A. was approximately 500 million people. B. fell below 2 billion people. C. was more than 7 billion people. D. was close to 1 trillion people.