Property rights allowing individuals to own goods, services, and factors of production are most important in:
a. capitalistic economies.
b. socialistic economies.
c. planned economies.
d. command economies.
a
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Starting from long-run equilibrium, a large decrease in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; lower; potential B. expansionary; higher; potential C. recessionary; lower; potential D. recessionary; lower; lower
A year-long drought that destroys most of the summer's crops would be considered a:
A. short-run supply shock. B. long-run demand shock. C. long-run supply shock. D. short-run demand shock.
If the price elasticity of supply is 0.3, supply is:
A. unaffected by price changes. B. inelastic. C. unit elastic. D. elastic.
Any point on the IS curve is an equilibrium in the goods market for the given interest rate.
Answer the following statement true (T) or false (F)