If it is possible to make a change that will help some people without harming others, then the situation is:
A. efficient.
B. fair.
C. inefficient.
D. unfair.
Answer: C
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If firms in a competitive industry independently operate to maximize profits, the ________ are eventually equalized across the firms
A) total costs B) marginal costs C) profits D) revenues
Help in financing our federal budget deficit comes from a ________ amount of net exports, which is called ________
A) negative, net foreign investment B) negative, foreign borrowing C) positive, net foreign investment D) positive, foreign borrowing
Which of the following events would produce an upward shift in the consumption function, other things being equal?
a. An increase in consumer wealth. b. A decrease in consumer wealth. c. A decrease in autonomous consumption. d. Both b and c.
If the Federal Reserve unexpectedly decides to sell bonds, which of the following will most likely happen in the short run?
a. The demand for loanable funds will increase, which will exert upward pressure on the interest rate. b. The supply of loanable funds will decrease, which will exert upward pressure on the interest rate. c. The supply of loanable funds will increase, which will exert downward pressure on the interest rate. d. The natural rate of unemployment will increase.