Rawls's thought experiment of the "original position" behind the "veil of ignorance" is meant to draw attention to the fact that
a. the rich have so much money that they don't know how to spend it all.
b. outcomes are efficient only if everyone begins with equal opportunity.
c. most of the poor do not know how to find better jobs and escape poverty.
d. the station of life each of us was born into is largely a matter of luck.
Ans: d. the station of life each of us was born into is largely a matter of luck.
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Today, the United States is a
I. net borrower. II. net lender. III. debtor nation. IV. creditor nation. A) I and IV B) II and IV C) I and III D) II and III
If rapid increases in oil prices caused price levels to increase and real GDP to decrease in the short run, the economy would experience
A) an increase in the natural rate of unemployment. B) stagflation. C) long-run economic decline. D) hyperinflation.
If the absolute value of your calculated t-statistic exceeds the critical value from the standard normal distribution, you can
A) reject the null hypothesis. B) safely assume that your regression results are significant. C) reject the assumption that the error terms are homoskedastic. D) conclude that most of the actual values are very close to the regression line.
Interlocking directorates are illegal under the Clayton Act only when their effect is to lessen competition substantially
a. True b. False Indicate whether the statement is true or false