With respect to redistribution, one reason "The Big Tradeoff" exists is because
A) government programs employ resources that could have been productive elsewhere.
B) government policymakers must choose between funding the various programs.
C) government programs only employ resources that had no value to society otherwise.
D) government programs only pay workers their opportunity cost.
A
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According to the Application, Hazlitt's argument that the broken window is NOT good for society
A) works in both the Keynesian and classical worlds regardless of where the economy is operating relative to full employment. B) works in the Keynesian world when the economy is operating below full employment. C) works in the classical world when the economy is operating at full employment. D) never works in the Keynesian or classical worlds regardless of where the economy is operating relative to full employment.
The table above gives information about the economy of Spain. If the growth rate in 1998 is maintained, real GDP will double in ________ years
A) 10 B) 18 C) 19 D) 4 E) 25
When the federal government is running a budget deficit,
a. government revenues exceed government expenditures. b. government expenditures exceed government revenues. c. the economy must be in an economic recession. d. the size of the national debt will decline.
When the supply of a good increases and the demand stays the same
A. the price of the good will rise. B. the price of the good will fall and quantity will not change. C. the price of the good will remain the same. D. the price of the good will fall and quantity will rise.