A strength of the market economy is that:
a. it results in an equal distribution of wealth.
b. resources are used efficiently.
c. planners rather than consumers determine answers to the basic economic questions.
d. information for production and distribution decisions passes directly from the government to buyers.
b
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If a budget is cyclically balanced, the government should run a surplus when the economy experiences a contractionary gap
a. True b. False Indicate whether the statement is true or false
Those who are chronically poor are defined as those who spend:
A. three or more consecutive years in poverty. B. at least two consecutive months within a year in poverty. C. three or more years in poverty. D. at least six consecutive months within a year in poverty.
In the long run, it is in the best interests of a member of a cartel to: a. decrease the price of its output
b. increase the level of its output. c. maintain the same quality of output. d. improve the quality of its output.
When OPEC raised the price of crude oil in the 1970s, it caused the
a. supply of gasoline to decrease. b. quantity of gasoline demanded to decrease. c. equilibrium price of gasoline to increase. d. All of the above are correct.