Which of the three political philosophies discussed in the textbook, if any, think the government should not take from some individuals and give to others to achieve any particular distribution of income?
libertarianism
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Refer to Figure 10.1. If the level of real GDP is initially Y2, spending is ________ production and there is an unexpected ________ in inventories
A) greater than; increase B) greater than; decrease C) less than; increase D) less than; decrease
Price controls
a. always produce a fair outcome. b. always produce an efficient outcome. c. can generate inequities of their own. d. All of the above are correct.
Suppose that the percentage change in demand is 20%, the price elasticity of supply is 2, and the percentage change in the equilibrium price is 4%. What is the price elasticity of demand?
A. 0 B. 1 C. 2 D. 3
Federal antitrust laws in the United States are enforced
A) solely by the Federal Trade Commission. B) solely by the Department of Justice. C) by the Department of Justice and by the Federal Trade Commission. D) by the Department of Commerce.