An economy is statically efficient if it is operating:
a. On its production possibilities frontier
b. On its Lorenz Curve
c. On its Friedman curve
d. On its Samuelson curve
e. All of the above
A
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What are the five main determinants of consumption spending? Which of these is the most important?
What will be an ideal response?
The term "dirty float" is used to describe:
a. international agreements about fishing rights that were developed in the 1960s. b. the system of exchange rates, which relies primarily on market forces with limited government intervention. c. the inflation that followed price controls implemented by the Nixon administration. d. unsound monetary policy.
Product differentiation
a. refers to the attempt of firms to make their goods look like those of the other firms in the industry b. refers to the attempt of firms to make essentially substitutable goods look different in the minds of the consumers c. refers to the advantage big firms have in research and development d. is a common characteristic of a perfectly competitive market structure e. is only employed in a monopoly market structure
The income of corporate managers is included in
a. employee compensation b. interest c. rent d. corporate profit e. proprietors' income