Some economists have hypothesized that government bureaucracies seek to maximize:
a. social well-being.
b. gross national product.
c. fringe benefits for bureaucrats.
d. their own budgets.
d
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All but the most primitive societies use money as a medium of exchange, implying that
A) the use of money is economically efficient. B) barter exchange is economically efficient. C) barter exchange cannot work outside the family. D) inflation is not a concern.
An increase in the money supply will lead to an increase in equilibrium real GDP only if:
a. the aggregate demand curve is horizontal. b. the aggregate supply curve is vertical. c. the investment function is horizontal. d. the aggregate supply curve is not vertical. e. the investment function is upward-sloping.
What percentage of the new drugs introduced in the United States between 1940 and 1990 were discovered by U.S. firms?
a. 60 b. 30 c. 15 d. 75 e. 45
An argument that comes up from time to time is that credit unions have an advantage over other financial depository institutions in the sense that they are non-profit institutions and, therefore, are exempt from taxes on income that other private depository institutions pay. As a result, credit unions may be able to charge lower rates of interest to borrowers and pay a higher rate to depositors than these other institutions. What do you think of this argument?
What will be an ideal response?