Arguments for placing restraints on policy makers fall into which of the following?
A) policy makers understand completely how the economy operates
B) policy makers have good intentions, but end up doing more harm than good
C) policy makers do what is best for them, not necessarily what is best for the country
D) all of the above
E) both B and C
C
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We observed that the price of a good rises and the quantity purchased also rises. Everything else being equal, it is consistent that
A. the price of a substitute good fell. B. the price of a complement rose. C. income rose. D. costs of inputs increased.
If consumption was 70 percent of GDP and investment and government expenditure were both 18 percent each, then we see that
A) exports must be less than imports. B) exports must be more than imports. C) the error is due to rounding. D) we must subtract depreciation from investment so that the components of GDP do not exceed 100 percent. E) GDP can be over 100 percent because it is "gross" rather than "net."
The reserve requirement is 0.20. What is the simple deposit multiplier?
A) 1 B) 5 C) 0.10 D) 100
Use the following statements to answer this question:
I. If the extent of a market is broader, it is less likely that firms in the market can influence the market price. II. In determining whether two different products belong to the same market, it is necessary to know whether the two products can be used as substitutes for each other. A) I and II are both false. B) I is false, and II is true. C) I is true, and II is false. D) I and II are both true.