A social welfare function
A. is a function made by the Department of Welfare.
B. is a function that shows that the utilities of society are incorporated into society's well-being.
C. can never be derived numerically.
D. all of these answer options are correct.
B. is a function that shows that the utilities of society are incorporated into society's well-being.
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Suppose that the United Kingdom pegs the pound to the euro and the European Central Bank decides to use monetary policy to offset the possible inflationary effects of European expansionary fiscal policy. Would it expand, contract, or not change the European money supply?
A) expand B) contract C) not change D) The answer cannot be determined using the information provided.
For legal purposes, a corporation is treated as
A. an individual. B. a nonprofit organization. C. a partnership. D. a limited partner in a partnership.
Suppose an industry receives protection from the government in the form of tariffs. A number of years later, it is observed that the quantity supplied by domestic firms had decreased and that the domestic price was substantially greater than the world price. We could conclude that
A. removal of the tariff would cause domestic output to fall even further and the price to fall to consumers. B. the tariff had been imposed to counteract dumping and had been successful. C. removal of the tariff would actually cause domestic output to increase and price to fall. D. the tariff had been imposed to protect an infant industry and that the industry still needed protection.
Define the velocity of money. Explain the monetarist view with regard to the stability of velocity.
What will be an ideal response?