A philosophy based on the belief that democratic means should be used to distribute wealth evenly throughout a society
a. free enterprise
b. traditional economy
c. incentive
d. safety net
e. socialism
Ans: e. socialism
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Given the information in the figure above, Joe can benefit from trade as far as the price at which he buys Liz's smoothies is
A) below 5 salads per smoothie. B) not higher than 2 salads per smoothie. C) not lower than 2 salads per smoothie. D) not lower than 1 salad per smoothie. E) not higher than 4 salads per smoothie.
Other things the same, if the long-run aggregate supply curve shifts right, prices
a. and output both increase. b. and output both decrease. c. increase and output decreases. d. decrease and output increases.
According to the text, a typical resident born in an emerging country in 2000 would
A. experience almost the same per capital real GDP by 2020. B. experience a lower level of per capital real GDP by 2020. C. experience two times larger in per capital real GDP by 2020. D. experience about 65% larger in per capital real GDP by 2020.
The main belief of the monetarist model is that
A) workers and firms have rational expectations. B) the quantity of money should be increased at a constant rate. C) productivity shocks explain fluctuations in real GDP. D) the economy is slow to adjust to sticky wages and prices.