An effective policy of governmental intervention in the economy requires all of the following except one. Which is the exception?
a. The will to reject sound policy if it gets in the way of political considerations
b. The ability to estimate the economy's potential level of output
c. The ability to predict what would happen without intervention
d. An assortment of effective tools of discretionary policy
e. The ability to achieve effective cooperation between fiscal and monetary policy makers
a
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The prices of the products in the World War II POW camps, measured in terms of cigarettes, reflected the products'
A) practicality. B) costs of production. C) scarcity. D) retail prices.
The successor organization to GATT, created in 1995, is the
A) WTO. B) EU. C) NAFTA. D) FDIC.
The price elasticity of supply along a typical supply curve is
a. constant. b. equal to zero. c. higher at low levels of quantity supplied and lower at high levels of quantity supplied. d. lower at low levels of quantity supplied and higher at high levels of quantity supplied.
An increase in autonomous consumption, an increase in disposable income, or a decrease in the marginal propensity to consume can all increase consumption
Indicate whether the statement is true or false