Free markets produce relatively high levels of efficiency but low rates of growth.
Answer the following statement true (T) or false (F)
False
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If the price of carrots is below the equilibrium price, the
A) quantity supplied of carrots exceeds the quantity demanded, and a shortage exists. B) quantity demanded of carrots exceeds the quantity supplied, and a shortage exists. C) quantity demanded of carrots exceeds the quantity supplied, and a surplus exists. D) quantity supplied of carrots equals the quantity demanded. E) quantity supplied of carrots exceeds the quantity demanded, and a surplus exists.
Explain how it is possible for a recently retired postal worker to be more wealthy than a rookie professional football player even though it is widely recognized that football players earn more than postal workers
What will be an ideal response?
Inflation tends to ________ during a business cycle expansion and ________ during a business cycle recession
A) increase; decrease B) decrease; increase C) increase; increase further D) decrease; decrease further
The formulae for the AIC and the BIC are different. The
A) AIC is preferred because it is easier to calculate B) BIC is preferred because it is a consistent estimator of the lag length C) difference is irrelevant in practice since both information criteria lead to the same conclusion D) AIC will typically underestimate p with non-zero probability