The invisible hand refers to
A. Intervention in the economy by the government bureaucrats we do not see and over whom we have no control.
B. The person who has the responsibility to coordinate all the markets in a market economy.
C. Undiscovered natural resources.
D. The allocation of resources by market forces.
Answer: D
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If a tariff on bikes causes domestic bike prices to rise by 20% and domestic value added in the domestic bike industry to rise by 30%, then
A) the nominal rate of protection of bikes is 20%. B) the effective rate of protection of bikes is 30%. C) the effective rate of protection is higher than the nominal rate. D) All of the above.
Part of the increase in currency holdings in the 1960s and 1970s can be attributed to
A) increases in income tax rates. B) the switch from progressive to proportional income taxes. C) the adoption of regressive taxes. D) bracket creep due to inflation and progressive income taxes.
Use the idea of interpersonal comparisons of utility to argue for a progressive income tax system where people in higher income brackets are charged higher tax rates on their extra income
As potential real GDP is approached the aggregate supply curve becomes __________.
Fill in the blank(s) with the appropriate word(s).