In modern free enterprise economies, which of the following is not an economic role of government?
A. stabilization of national income, employment, and the price level
B. altering the allocation of resources to provide for public demands efficiently
C. providing a reasonably certain legal, social, and business environment for stable economic growth
D. planning the production and distribution of most economic goods
D. planning the production and distribution of most economic goods
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Automatic stabilizers are designed to
A) moderate changes in disposable income. B) stabilize the bi-partisan budget process. C) simplify the tax system. D) promote global trade.
A straight-line demand curve along which the price elasticity of demand equals 0 is one that
A) forms a 45 degree angle with the vertical axis. B) forms a 60 degree angle with the horizontal axis. C) is vertical. D) is horizontal.
When the value of our goods exports is less than the value of our goods imports,
a. d and e. b. the value of the dollar must fall. c. there will be domestic unemployment. d. there will be an unfavorable balance of trade. e. foreign currency reserves must fall.
The cost disease of personal services stems primarily from the fact that
a. prices rise too slowly to provide public receipts. b. inflation has been with us since the early 1970s. c. personal service requires direct contact between producer and consumer. d. sellers of personal services have strong unions.