Adam Smith noted that people are adept at pursuing their own self-interests, and that ____ harnesses this self-interest remarkably well.
A. a totalitarian regime
B. a market system
C. a democratic government
D. a closed system
Answer: B
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Macroeconomic stabilization involves
(a) reduction of inflation. (b) reduction of government budget deficits. (c) reduction of trade deficits. (d) all of the above. (e) none of the above.
What do many economists blame for the severity of the Great Depression?
A) The collapse of the banking system. B) A rapid increase in the money supply. C) The issuing of an excessively large amount of currency by the Federal Reserve. D) The collapse of the electronic funds transfer system.
The "stagflation" of the 1970s ________ Keynesian macroeconomics until the Keynesians started to build the consequences of changing inflationary expectations and ________ shocks into their models
A) reinforced the dominance, supply B) reinforced the dominance, demand C) deepened the eclipse, supply D) deepened the eclipse, demand
Monetarists believe that discretionary monetary policy, and not discretionary fiscal policy, should be used to correct disequilibrium
a. True b. False Indicate whether the statement is true or false