Equity should never be used to judge economic policy.
Answer the following statement true (T) or false (F)
False
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The price elasticity of demand tells us about
a. The sensitivity of price to quantity b. The sensitivity of quantity to price c. The sensitivity of income to price d. The sensitivity of income to quantity
In an economy with persistent inflation
What will be an ideal response?
The "broken window fallacy"
a. explains why inflation is so high.
b. is a justification for the government to print more money.
c. is illustrated when a government program is justified not on its merits but on the number of jobs it will create.
d. has nothing to do with public policy.
Refer to the table below. An output level of 25 units, this firm's accounting profit is ________, and its economic profit is ________.QuantityTotal RevenueExplicit CostsImplicit Costs1050365157563620100937251251258301501619
A. $125; zero B. zero; $8. C. $125; $113 D. zero; -$8