Using the utilitarian criterion, it is possible that slavery could be in the public interest
a. True b. False
a
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Most economists assume that the goal of elected officials is to promote the public interest
a. True b. False
The defining characteristic of oligopoly is that each firm
a. produces the same output as its rivals b. acts independently of its rivals c. is mutually interdependent d. is atomistic e. advertises how its products are different from its rivals' products
Which of the following is likely to be an effect of inflation?
a. An increase in the willingness of lenders to lend money for longer periods b. A decrease in the willingness of borrowers to borrow money for longer periods c. A decrease in the purchasing power of lenders in the economy d. An increase in the willingness of people to buy bonds as a hedge against rising prices e. An increase in the willingness of people to buy physical assets as a hedge against rising prices
The aggregate demand curve shows:
a. how the equilibrium level of aggregate expenditure changes in response to changes in production. b. the amount people spend at different real GDP levels. c. the positive relationship between the price level and real GDP. d. the negative relationship between aggregate expenditure and real GDP. e. how the equilibrium level of aggregate expenditure changes as the price level changes.