Both conservatives and liberals tend to approve of markets because
a. markets are effective in solving many of society's problems.
b. markets work well in all cases, and can be relied upon to solve problems.
c. their goals are similar enough that they can rely on the same means.
d. production is the most important goal, and market systems are very productive.
e. of all of the above.
a
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Which of the following is an example of comparative statics?
A) The estimation of the supply of a good when the wage rate of labor changes from $30 to $10 per hour B) The estimation of the ideal number of workers a firm should hire when wage rate is $20 per hour C) The estimation of the quantity demanded of a good when its price is $5 D) The estimation of the demand for a particular good when consumer income is $10
If the population of a country increases, while GDP remaining constant, then ________
A) income per capita will remain unchanged B) trade deficit will decrease C) gross national product will increase D) income per capita will decrease
Standardized tests are used in efforts to
A. save on paper waste. B. make schools more accountable. C. give teachers more time off. D. shorten school hours.
If we think back to Chapter 11 when we discussed moral hazard, discuss how a government ceding the right to control the amount of currency to a central bank is a way to treat a potential moral hazard problem.
What will be an ideal response?