Alexis de Tocqueville observed in his Democracy in America: "There is no country in which everything can be provided for by the laws, or in which political institutions can prove a substitute for
A) common sense and morality."
B) economic development."
C) police and prisons."
D) supply and demand."
E) the private pursuit of private interests."
Ans: A) common sense and morality."
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In 2015, the average life expectancy at birth in the United Kingdom and other high-income countries was around ________ years
A) 60 B) 70 C) 80 D) 90
The time between the policy decision and the subsequent change in policy instruments is called the
A) data lag, the time required to collect and analyze data. B) effectiveness lag, the time required for the change in money supply to affect real output. C) legislative lag, the time required for policymaking body to make decisions. D) transmission lag, the time between the change in policy and the change in policy instruments.
Consider the production possibilities frontier in the figure shown. The opportunity cost of cars when moving from point B to point C:
A. is greater than the opportunity cost of cars when moving from point A to point B.
B. is less than the opportunity cost of cars when moving from point A to point B.
C. is greater than the opportunity cost of cars when moving between any other two points.
D. there is no opportunity cost when we move from B to C.
Over the past one hundred years,
a. wages rates have decreased, but nonlabor income has increased. b. wages have increased, but nonlabor income has decreased. c. both wages and nonlabor income have increased. d. both wages and nonlabor income have decreased.