Which of the following offers theories to explain why the government, like the private sector, may also "fail"?
A. social economics
B. public choice theory
C. rational expectations theory
D. Keynesian economics
Answer: B
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Inflation targeting has typically been accompanied by lower inflation
Indicate whether the statement is true or false
A market with three firms in competition with each other has a equilibrium price of $5 and equilibrium quantity of 10,000. If the three firms form a cartel, the cartel, set price will be ________ than $5 and the set quantity will be ________ than 10,000.
A) greater; less B) less; greater C) greater; greater D) less; less
Economics may be referred to as a(n) ________ science, meaning that data is looked at to see whether assertions are correct
A) empirical B) exact C) assumptive D) soft
Figure 10-7
Refer to Figure 10-7. Which of the diagrams in Figure 10-7 represents a decrease in consumer spending combined with a positive supply shock?
a.
Panels (A) & (B)
b.
Panels (C) & (D)
c.
Panels (A) & (C)
d.
Panels (B) & (D)