A unanimity rule for collective decision making has the disadvantage of _____
a. accepting too many inefficient outcomes
b. high decision-making costs
c. not clearly being a Pareto improvement
d. increasing external costs
b
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In order to help the economy recover from a recession using fiscal policy, the government can ________ so that aggregate demand increases
A) cut taxes B) raise taxes C) cut government expenditure on goods and services D) raise interest rates E) decrease the quantity of money
Which of the following is a term referring to the percentage of adults in an economy who are either employed or who are unemployed and looking for a job?
a. unemployment rate b. labor force participation rate c. labor force d. hidden unemployment
If marginal cost of growing wheat, MC, just reaches $4 per bushel and if the expected price of wheat Pis $4, a farmer
A. should produce at that exact level at which MC= P and if AVC< MC. B. should check her/his average variable cost to see if P covers AVC. C. should stop producing if AVC> 4. D. All of the above.
If credit card balances rise in the economy, then M1 will ________ and M2 will ________
A) increase; increase B) not change; increase C) decrease; increase D) not change; not change E) increase; decrease