Guns and butter represent the classic societal tradeoff between spending on which two items?
a. national defence and consumer goods
b. imports and exports
c. law enforcement and agriculture
d. durable and nondurable goods
Answer: a. national defence and consumer goods
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In the above figure, a price of $15 per dozen for roses would result in
A) equilibrium. B) a shortage. C) a surplus. D) downward pressure on prices.
Collusion is common in oligopoly and monopolistically competitive industries
Indicate whether the statement is true or false
Licensing requirements for doctors, which are intended primarily to maintain the quality of persons who work in the profession, have no the effect on the profits of those individuals because the number of competitors is so large
Indicate whether the statement is true or false
The idea of policy making taking place in response to a predetermined set of rules is referred to as
A) active policy making. B) discretionary policy making. C) passive policy making. D) Keynesianism.