In contrast to previous eras, a significant change seen today is that no model of government
a. is viewed as a good alternative to democracy.
b. can successfully overthrow all vestiges of autocratic rule.
c. is associated with a significant wealth gap.
d. can compete with the power of individual citizens.
a. is viewed as a good alternative to democracy.
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The self-correcting tendency of the economy means that falling inflation eventually eliminates:
A. exogenous spending. B. recessionary gaps. C. expansionary gaps. D. unemployment.
A constant marginal rate of substitution between two goods implies that they are
A) perfect complements. B) perfect substitutes. C) independent goods. D) unattainable.
An example of business fixed investment spending is
A) a purchase of a home by a household. B) a purchase of a bond by General Electric Corporation. C) a purchase of a computer by an accounting firm. D) $200 million of unsold cars at a car dealership.
Which of the following is not an argument made by those who oppose reforming the tax laws to encourage saving?
a. A public budget surplus can raise national saving. b. The substitution effect of a higher return to saving may be about equal to the income effect of a higher return to saving. c. Low-income households save a larger fraction of their income than high-income households. d. Tax cuts might cause a budget deficit.