Which of the following is most critical for the maintenance of an efficient and productive economy?
a. Money backed by gold or silver
b. Steadily rising prices
c. An unlimited and unregulated supply of money
d. A properly functioning monetary system
e. A well-organized barter system
d
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Refer to Figure 10.7. A movement from point A to point D could be caused by
A) a positive demand shock accompanied by an increase in the default-risk premium. B) a decrease in consumer confidence accompanied by a decrease in the expected rate of inflation. C) a negative demand shock accompanied by an increase in the target interest rate. D) an increase in consumer confidence accompanied by a decrease in the term premium investors expect in the future.
The demand curve facing a perfectly competitive firm is
a. almost vertical at the market quantity b. perfectly inelastic c. perfectly elastic d. horizontal at the price the firm wishes to charge e. downward sloping
Short-run choices imply that at least one factor of production is fixed.
Answer the following statement true (T) or false (F)
Are the concepts of equity and efficiency different? Why or why not?
What will be an ideal response?