An economist from which school of thought would most likely accept the following- "The wide acceptance and practice of activist government fiscal policy."
a. Traditional classical economics
b. Neoclassical economics
c. Marxist economics
d. New monetarist economics
e. Keynesian economics
e
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The government promotes economic efficiency by producing in areas where the market fails to optimally allocate resources
a. True b. False
An indication that Insurance companies anticipate adverse selection is
a. they do not require a deductible b. they classify clients into different risk types according to their claim history c. they do not classify clients into different risk types according to pre-existing conditions d. they do not require a co-payment
A negative externality
a. is an adverse impact on a bystander. b. causes the product in a market to be under-produced. c. is an adverse impact on market participants. d. is present in markets where the good or service does not have any impact on bystanders.
The opportunity cost of leisure is
A) the substitution effect. B) the income effect. C) a person's income. D) a person's wage rate.