The normative economic goals of developing countries:
A. focus primarily on achieving an equitable distribution of income.
B. focus primarily on meeting basic needs.
C. are the same as those of developed countries.
D. focus primarily on achieving economic stability.
Answer: B
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The problem of time lags in making policy changes is less acute for monetary policy than it is for fiscal policy
a. True b. False Indicate whether the statement is true or false
A negative income tax does not
A. increase work incentives for those who receive cash payments. B. increase work incentives for those who do not receive cash payments. C. affect incentives for the poor but affects incentives for low earners who are not poor. D. affect incentives, which is why it is efficient.
Use the following general linear demand relation:Qd = 100 - 5P +0.004M - 5PRwhere P is the price of good X, M is income, and PR is the price of a related good, R. Income is $80,000, and the price of the related good is $40. Also let consumers' tastes change so that consumers now demand 100 more units at each price. When the price of the good is $50, how many units of the good are demanded?
A. 220 B. 200 C. 70 D. 100 E. none of the above
When a shortage exists in a market
A. the market clearing price is above equilibrium and market forces will cause the price to fall. B. the quantity supplied is greater than the quantity demanded at the current price. C. the quantity demanded is less than the quantity supplied at the existing price. D. the current price is below the market clearing price and the price will rise.