A survey which sought the opinion of professional economists on fourteen propositions about economic policy found that
a. the respondents were almost equally divided on the propositions.
b. the respondents favored the propositions by a slight margin.
c. the respondents disagreed with the propositions by a slight margin.
d. there was overwhelming endorsement of the propositions among the respondents.
d
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The level of aggregate output and income where there is a balance between spending and production decisions and where the economy moves toward is called:
A) disequilibrium level of output and income. B) equilibrium level of output and income. C) disequilibrium level of employment. D) none of the above.
With respect to consuming food and shelter, two consumers face the same prices and both claim to be in equilibrium. We therefore know that
A) they both have the same marginal utility for food. B) they both have the same marginal utility for shelter. C) they both have the same MRS of food for shelter. D) All of the above.
Jim recently graduated from college. His income increased dramatically;from$5000 a year to $60,000 a year. Jim decides that instead of using the bus, he would buy a car. This implies that
a. The car is a normal goods for Jim b. The car is an inferior goods for Jim c. The bus and the car are complementary for Jim d. Need information on the price of cars
If an oligopolist is part of a cartel that is collectively producing the monopoly level of output, then that oligopolist has the incentive to increase production with the aim of
a. increasing prices. b. increasing profits for the group of firms as a whole. c. increasing profits for itself, regardless of the impact on profits for the group of firms as a whole. d. decreasing costs of production.