Refer to Figure 1.7. Which of the following points are considered to be inefficient?
A. G.
B. D, G, and J.
C. E.
D. D.
Answer: C
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When one party to a transaction knows more than the other, ________ is said to exist
Fill in the blank(s) with correct word
Color television prices rise by 10 percent, and in response the quantity of those TVs supplied increases by 6 percent. The supply elasticity for color television sets in that price range is
A) 0.6. B) 1.66. C) 6.0. D) -1.66.
_____ had the highest level of per capita real output in 2012
a. Canada b. The United States c. Italy d. France e. Germany
Professor Cowen suggests that, in practice, fiscal policy is not ideal because:
A. voters typically expect the federal government to balance its budget even during a recession. B. elected officials have an incentive to raise taxes even when the appropriate fiscal policy response is to cut taxes. C. the federal government continually has budget deficits rather than having surpluses when the economy is healthy. D. political infighting makes it unlikely that Congress will ever approve a budget, let alone approve fiscal policy actions.