When the level of unplanned inventory investment is equal to zero, the economy is
A) in disequilibrium.
B) in a recession.
C) in equilibrium.
D) overheating
C
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If the country wanted to produce the maximum total number of units of guns and butter combined, it would produce at point(s) ________________.
Because of product differentiation, firms
A) do not have to compete because their products are unique. B) cannot compete on price. C) can compete on the basis of quality. D) are unable to compete by using advertising. E) must compete on only price.
Suppose that for a curve, as the variable measured on the x-axis increases, the variable measured on the y-axis decreases. The curve has a ________ slope
A) tangent B) positive C) negative D) hypothetical
The public choice model assumes that government policymakers
A) must promote the public interest at the expense of their own self-interests in order to be re-elected. B) will pursue their self-interests in personal affairs but only if it does not conflict with the public interest. C) are likely to pursue their own self-interests, even if their self-interests conflict with the public interest. D) will often act irrationally in their personal affairs, but will act rationally when they promote the public interest.