Which of the following normative criteria rejects a policy whenever there exists an alternative policy that could unanimously defeat it?
a. Majority rule.
b. The efficiency criterion.
c. The Pareto criterion.
d. The potential Pareto criterion.
d. The potential Pareto criterion.
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Use the figure below to answer the following question.
A decrease in supply would best be reflected by a change from
A. point 3 to point 4. B. point 5 to point 6. C. point 2 to point 1. D. point 5 to point 1.
In the real business cycle model, the short-run aggregate supply curve is always the same as ________
A) long-run aggregate supply B) the long-run aggregate demand schedule C) the velocity of money D) the real rate of interest
Explain the policy implications of the classical economists' beliefs
If the Fed buys Treasury bills, then
A. the price of Treasury bills will rise. B. the market rate of interest on Treasury bills will fall. C. the price of Treasury bills will rise AND the market rate of interest on Treasury bills will fall. D. neither the price nor the market rate of interest on treasury bills will be affected.