An increase in the money supply should cause the expenditure schedule to shift upward
a. True
b. False
Indicate whether the statement is true or false
True
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The government’s budget accounts for about 80 percent of GDP in the United States.
Answer the following statement true (T) or false (F)
"Any social planner who implements efficient outcomes will produce the same output in a given market as the competitive market would." In addition to the conditions of the first welfare theorem, which of the following have to hold in order for the statement in quotes to be true?
A. Consumer tastes are quasilinear. B. Consumer tastes are homothetic. C. Production frontiers are homothetic. D. Both (a) and (c). E. Both (b) and (c). F. None of the above.
Scarcity is a condition that exists when
A) there is a fixed supply of resources relative to the demand for the product. B) there is a large demand for a product. C) resources are not able to meet the entire demand for a product. D) All of the above
The supply curve for housing in the very short run is likely to be
A) very elastic. B) very inelastic. C) unit-elastic elastic. D) perfectly elastic.