Social overhead capital guarantees economic growth.
Answer the following statement true (T) or false (F)
False
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Refer to Figure 11.2. Assume the economy is in equilibrium at 1, where real GDP equals potential GDP, and then the economy experiences a positive demand shock. Other things equal, the positive demand shock is best represented by a(n)
A) movement up along the Phillips curve. B) movement down along the Phillips curve. C) upward shift of the Phillips curve. D) downward shift of the Phillips curve.
When rent controls establish a legal maximum rental rate below the equilibrium rental rate
A) quantity demanded exceeds quantity supplied. B) quantity supplied exceeds quantity demanded. C) demand exceeds supply. D) supply exceeds demand.
Although pollution is caused by a failure of the market, many economists believe that the best way to protect the environment is to utilize the price mechanism
a. True b. False Indicate whether the statement is true or false
Which of the following is an important side effect of government licensing and other grants of monopoly power?
a. The number of options available to consumers is increased. b. Competition is enhanced. c. Firms will produce more efficiently. d. Rent-seeking is encouraged.