Which of the following is usually discussed in the case against government?
A) special interest groups and transfers
B) the unintended effects of governments actions
C) removal from the prisoner's dilemma
D) a and b
E) none of the above
D
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Cost-push inflation starts with
A) an increase in potential GDP. B) a decrease in aggregate demand. C) a decrease in aggregate supply. D) an increase in aggregate supply. E) an increase in aggregate demand.
The winner-take-all aspect of patent awards elicits a socially optimal research effort
Indicate whether the statement is true or false
Economists define an aggregate as
a. a concrete object. b. a specific principle. c. a representative good or service. d. a useful abstraction. e. something immeasurable.
When inflation suddenly increases, ARMs
A. Protect borrowers against the effects of inflation. B. Maintain a stable real interest rate. C. Protect the purchasing power of workers' wages. D. Protect against rising real interest rates.