What did the fiscal conservatives of the Eisenhower administration (1953–61) want?
(a) Balanced budgets and with manageable inflation
(b) Inflation and budget surpluses
(c) A balanced budget and high rates of interest
(d) Laissez-faire economy
(a)
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In some industries where firms experience declining average total costs over the full range of output that consumers are willing to buy,
a. a smaller firm will always have lower per-unit costs. b. many firms will tend to emerge from the competitive process. c. a single large firm will develop, and it will have cost advantages that protect it from potential rivals. d. a single large firm will develop, and it will buy out any smaller rival firms to avoid the small firms' production at a lower per-unit cost.
Which of the following actions by the Fed would increase the money supply?
a. Reducing the required reserve ratio. b. None of the answers are correct. c. Selling government bonds in the open market. d. Increasing the discount rate.
Economic theory easier to explain or predict government policies when
What will be an ideal response?
If a regulator forced a natural monopolist to set P = MC
A) the monopolist would earn economic profits. B) the monopolist would suffer economic losses. C) the monopolist would break even. D) the monopolist would earn monopolistic profits.