The freedom of consumers to cast their dollar votes to buy, or not to buy, at prices determined in competitive markets describes:
a. socialism. b. communism.
c. consumer sovereignty. d. the aspirations of Karl Marx.
c
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Fiscal policy would be more effective if
A. potential income was unknown. B. the government could change taxes and expenditures rapidly. C. the size of the government debt didn't matter. D. crowding out occurred more often.
Which of the following policies improves prospects for more rapid economic growth?
A) policies to increase government expenditure B) limitations on international trade C) policies to increase the educational attainment of the labor force D) encouragement of political instability
When one country can produce a good more efficiently than another country:
A. that country should produce that good and be the sole "winner" of trade. B. that country can specialize in that good and choose only to export goods. C. both can specialize in the industry in which they have comparative advantage and experience mutual gains. D. that country has no basis for trading with another nation.
The discount rate is the interest
A. rate at which the central banks lend to the United States Treasury. B. rate at which the Federal Reserve Banks lend to commercial banks and thrift institutions. C. yield on long-term government bonds. D. rate at which commercial banks and thrifts lend to the public.