In economics, the latin phrase "Ceteris Paribus" means:
(a) "The market is at equilibrium".
(b) "Invisible hand".
(c) "Profit maximisation is the goal".
(d) "All else being equal".
Answer: (d) "All else being equal".
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The law that created the high level of tariffs in United States in the 1930s is
A) the GATT Act. B) the World Trade Act. C) the Smoot-Hawley Act. D) the Tariffs Agreement Act.
Automatic stabilizers
A. eliminate the business cycle. B. include increasing and decreasing tax bracket rates. C. guarantee that the federal budget will be balanced over the course of the business cycle. D. require no legislative action by Congress to be made effective.
According to classical theory, desired saving always equals investment due to changes in
A. the interest rate. B. prices. C. wages. D. taxes.
Logrolling may result in
A) creating limited incentives for policymakers to consider the immediate consequences of their proposed legislation. B) legislation that yields economy-wide benefits, the funding for which is borne primarily by a few of the smallest states. C) members of Congress selling their votes on proposed legislation to the highest bidder. D) a majority of Congress supporting legislation that benefits the economic interests of a few, while harming the economic interests of a much larger group.