If only two people are trading their endowments and no production is possible, then the equilibrium they reach will
A) be on their contract curve.
B) result in unequal marginal rates of substitution for the two people.
C) result in one person being worse off than with his or her endowment.
D) All of the above.
A
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What most accurately describes the implementation of the New Deal?
a. It was implemented in two phases over the course of about eight years. b. Its major reforms were implemented in the first 100 days of Franklin Roosevelt's Presidency. c. The first elements of the New Deal that were implemented were the most politically liberal. d. Most of the reforms were temporary and were phased out by World War II.
Which of the following would lead you to predict an upward shift in the consumption function?
a. a decrease in the value of real wealth b. a decrease in disposable income c. an increase in the value of real wealth d. an increase in the price level
Macroeconomics works to explain things like:
A. rates of return on an investment. B. number of employees in Ford company. C. economic growth of Germany. D. Microsoft's profit in 2015.
The disadvantages of government intervention include
A. reduced regulation. B. lower taxation. C. incentive problems. D. achieving desirable goals.