The idea of policymaking taking place in response to a predetermined set of rules is referred to as
A. discretionary policymaking.
B. passive policymaking.
C. Keynesianism.
D. active policymaking.
Answer: B
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Which of the following holds that economic decision making on all levels is unbiased and is based on all available information?
A) adaptive expectations based theory B) rational expectations based theory C) Keynesian cycle theory D) none of the above
In the year ________, for the first time in 30 years, the federal government ran a surplus
A) 1980 B) 1985 C) 1990 D) 1998
In the market for insurance
A) sellers are protected from lawsuits brought by buyers. B) demand is perfectly inelastic because, by law, home owners and automobile drivers must have insurance. C) sellers often have better information than buyers. D) buyers often have more information than sellers.
Which of the following would be most likely to induce Congress and the president to conduct contractionary fiscal policy? A significant
A) increase in labor productivity. B) decrease in oil prices. C) increase in inflation. D) decrease in real GDP.