A necessary condition for a money economy to be self-regulating is that
A) wages must be flexible in an upward direction, but not in a downward direction.
B) the economy must always be operating on its institutional production possibilities frontier.
C) wages must be flexible in a downward direction, but not in an upward direction.
D) interest rates must be flexible in the credit market.
E) none of the above
D
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In the market for international loans, most countries, including the United States, are net borrowers
Indicate whether the statement is true or false
_____________ refers to the health and happiness of the total person, involving body, mind, and spirit and includes measures of life expectancy, health, and education
a. Psychographics b. Well-being c. Positive sociology d. Assimilation
Figure 11-3
In Figure 11-3, which of the following is true, whether or not the monopolist is maximizing profits?
a.
MR < P
b.
MC = P
c.
MC < AC
d.
MR = P
According to the General Equilibrium Model, an economically efficient allocation of resources occurs when
A. no welfare-improving trades can be made. B. the producer's MRT = the consumer's MRS. C. all consumers have the same MRS. D. All of these exist.