Cost-benefit analysis attempts to:
A. compare the real worth, rather than the market values, of various goods and services.
B. compare the relative desirability of alternative distributions of income.
C. determine whether it is better to cut government expenditures or reduce taxes.
D. compare the benefits and costs associated with any economic project or activity.
Answer: D
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Economic freedom means that
A) some goods and services are free. B) firms are regulated by the government. C) people are able to make personal choices and their property is protected. D) the nation's government is a democracy. E) the rule of law does not apply.
Potential GDP is the
A) the maximum amount of production that can be produced while avoiding shortages of labor, capital, land, and entrepreneurship that would bring rising inflation. B) current value of production in the economy. C) value of production when the economy is in a recession. D) value of production when the economy is at a peak.
The table above gives the aggregate demand and aggregate supply schedules in Lotus Land. In short-run equilibrium, there is ________
A) an inflationary gap of $100 B) a recessionary gap of $100 C) a recessionary gap of $200 D) an inflationary gap of $200
Food stamps are ______
a. financed by the federal government but administered by the states b. financed by the federal government and the states and administered by the states c. financed by the federal government and the states and administered by localities d. financed by the states but administered by the counties