In assessing the efficiency of government policy, economic analysis would focus on
What will be an ideal response?
marginal benefits versus costs of government policy and action.
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Adam Smith’s diamond-water puzzle
A. can be resolved by distinguishing between marginal and total utility. B. occurs because diamonds have no utility. C. occurs because scarcity increases total utility. D. will likely never be resolved with existing economic tools.
Which of the following is true of an expansionary fiscal policy? a. It increases the level of aggregate demand. b. It reduces the market rate of interest
c. It reduces the volume of net exports. d. It facilitates a balanced budget.
How have states' control over globalization shifted in recent years?
a. It has decreased due to their lack of power over today's elimination of barriers to commerce. b. It has decreased since they have to be more mobile actors than other elements involved. c. It has increased since private international financial transactions now boost the resources controlled by states. d. It has increased due to their own strengthened ability to move money and goods in and out of their territories.
An increase in the demand for GM automobiles results in:
A. a lower equilibrium price for GM automobiles. B. an increase in the supply of GM automobiles. C. a lower equilibrium quantity of GM automobiles. D. an increase in the quantity supplied of GM automobiles.