An unequal distribution of income is considered fair according to Robert Nozick if
A) marginal cost equals marginal benefit.
B) the cost of administering a welfare system is minimized.
C) property rights are enforced and voluntary exchange occurs.
D) the economy is producing its maximum total output.
E) resources are allocated using the command method.
C
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When there is a recessionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; decline B. increase; raise; decline C. decline; lower; expand D. decline; raise; decline
Which is not a cause for business cycles considered by macroeconomists?
A) shocks to money supply B) greed C) shocks to technological ability D) variations in optimism
The effectiveness of a country's military expenditures depends on _____
a. how much other nations spend in response b. whether or not they are in an arms race c. whether they have effectively estimated demand for national defense d. depends on the size of a country
Which of the following is least likely to be a reason for the difficulty in measuring poverty across countries?
a. Different currencies b. Different customs c. Different living arrangements d. Different trade balances e. Limited data