In determining living standards, productivity plays a key role
a. for individuals, but not for nations.
b. for nations, but not for individuals.
c. for both nations and individuals.
d. for neither nations nor individuals.
c
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The self-correcting tendency of the economy means that rising inflation eventually eliminates:
A. unemployment. B. exogenous spending. C. recessionary gaps. D. expansionary gaps.
When the strong enforce rules possibly based on arbitrary decisions, it is called the:
A. rule of force B. rule of one C. rule of man D. rule of law
Refer to Figure 6-10. A perfectly elastic supply curve is shown in
A) Panel A. B) Panel B. C) Panel C. D) Panel D.
An efficient allocation of goods in an exchange economy means that
A) goods were produced by the most efficient technology available. B) no one can be made better off without making somebody else worse off. C) those made worse off are not hurt as badly as the benefits resulting from those made better off. That is, there is a net positive gain. D) in a particular production process one gets the maximum output for a given input.