The goals of equity and ________________ are sometimes in conflict.
A. fairness
B. efficiency
C. capital
B. efficiency
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In an economy that relies upon barter,
a. trade does not require a double coincidence of wants. b. scarce resources are allocated just as easily as they are in economies that do not rely upon barter. c. there is no item in the economy that is widely accepted in exchange for goods and services. d. All of the above are correct.
Starting from long-run equilibrium, a decrease in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; higher C. higher; potential D. lower; higher
In the mid-1970s, the price of oil rose dramatically. This
A. shifted aggregate supply left. B. caused the U.S. prices to fall. C. shifted aggregate supply right. D. All of these responses are correct..
If the government institutes a specific tax for a good that has a perfectly elastic demand curve
A) the producer passes the entire tax on to the consumer. B) the producer must absorb the entire tax. C) the producer can generally only pass part of the tax onto the consumer. D) the equilibrium price drops.