Welfare economics is the study of
a. the well-being of less fortunate people.
b. welfare programs in the United States.
c. how the allocation of resources affects economic well-being.
d. the effect of income redistribution on work effort.
c
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An economy with an expansionary gap will, in the absence of stabilization policy, eventually experience a(n) ________ in the inflation rate, leading to a(n) ________ in output.
A. decrease; increase B. increase; increase C. decrease; decrease D. increase; decrease
When a strategy is the best one to follow no matter what strategy other players choose, it is called a:
A. golden decision. B. dominated strategy. C. dominant strategy. D. zero-sum strategy.
A chain saw is an example of which of the following factors of production?
a. Land. b. Labor. c. Capital. d. None of these.
Economists widely agree that the Consumer Price Index (CPI) understates the true U.S. inflation rate
a. True b. False