Which of the following was not a priority of Soviet planners?
(A) Luxury items for consumers.
(B) Space program.
(C) Heavy machinery manufacturing.
(D) Defense injury.
Ans: (A) Luxury items for consumers.
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Other things constant, when household "time preferences" ________, business investment tends to ________
A) fall; fall B) fall; rise C) rise; fall D) rise; rise
Which of the following is a result of increased real wages in the United States?
a. a decrease in the quantity of services demanded by households b. an increase in the opportunity cost of remaining employed in the home c. a decrease in the opportunity cost of working outside the home d. a decline in the number of households providing labor outside the home e. reduced use of labor-saving devices in households
Because of the free rider problem
a. side payments are necessary in order to achieve an efficient outcome b. a needed side payment can shrink until it is not large enough to compensate losers and still leave gainers better off c. efficient outcomes can never be achieved d. the Coase Theory often applies to real-world situations e. externalities are less common than they would otherwise be
Which of the following would cause prices to rise and real GDP to fall in the short run?
a. an increase in the expected price level. b. an increase in the capital stock. c. an increase in the money supply. d. an increase in taxes.