By internal balance, most economists mean
A) full employment.
B) price stability.
C) full employment and price stability.
D) full employment and moderate increase in prices.
E) full employment and high disposable income.
C
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Consider a graph illustrating the upward sloping supply curve for coffee. What would you expect to happen if the government decided to levy a 75-cents per gallon subsidy on coffee?
a. There would be a movement up along the supply curve. b. There would be a movement down along the supply curve. c. The supply curve would shift to the left. d. The supply curve would shift to the right. e. None of the above.
Special interest groups have a large incentive to be ________ about legislation that benefits them directly, whereas voters tend to be ________ regarding these issues.
A. rationally ignorant; irrationally ignorant B. rationally informed; rationally ignorant C. irrationally informed; rationally ignorant D. rationally informed; irrationally informed
Which of the following checks issued by the government represents a transfer payment?
A. The state of Oregon pays a construction firm for its work in repairing a state highway. B. The state of Illinois pays groundskeepers at the state capitol building their weekly wages. C. The federal government pays a retiree her Social Security benefits. D. The federal government pays a defense contractor for development of a missile system.
The slope of a line is zero when it is:
A. a downward-sloping line that makes a 45-degree angle with the horizontal and vertical axes. B. an upward-sloping line that makes a 45-degree angle with the horizontal and vertical axes. C. vertical. D. horizontal.