Free markets promote all of society’s goals.
Answer the following statement true (T) or false (F)
False
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Starting from long-run equilibrium, a large tax cut will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; higher B. expansionary; higher; potential C. recessionary; higher; potential D. recessionary; lower; lower
Which of the following is definitely true for a per-unit tax in the goods market where neither demand nor supply is perfectly inelastic:
A. The more price inelastic demand is, the lower deadweight loss will be. B. The more price inelastic supply is, the higher deadweight loss will be. C. A demand become more price inelastic, the after tax price for consumers rises. D. Both (a) and (b) E. Both (b) and (c) F. Both (a) and (c) G. All of the above H. None of the above
The manufacturer of Beanie Baby dolls used quarterly price data for 2005 I - 2013 IV (t = 1, ..., 36) and the regression equationPt = a + bt + c1D1t + c2D2t + c3D3tto forecast doll prices in the year 2014. Pt is the quarterly price of dolls, and D1t, D2t, and D3t are dummy variables for quarters I, II, and III, respectively. 
Using the estimated time-series regression, predicted price in the 2nd quarter of 2014 is
A. $40.40 B. $51.40 C. $54.40 D. $48.40 E. none of the above
The overall drop in stock prices that began in 1929 and continued through 1932 was due to:
A. the exuberant confidence in the rising value of the stock market in general. B. a panicked massive sale of stocks which caused the stock prices to plummet. C. the decline in profitability of companies. D. dropping stock prices causing a rational sale of certain stocks.