The goals of equity and ________________ are sometimes in conflict.
A. fairness
B. efficiency
C. capital
B. efficiency
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If leisure is a normal good and the economy expands so that national income rises by 3% next year then theoretically what ought to happen to the amount of work that should take place?
What will be an ideal response?
Opportunity cost:
a. represents the best alternative sacrificed for a chosen alternative. b. has no relationship to the various alternatives that must be given up when a choice is made in the context of scarcity. c. represents the worst alternative sacrificed for a chosen alternative. d. Represents all possible alternatives sacrificed for a chosen alternative.
The two Keynesian assumptions in the aggregate supply and aggregate demand model are the importance of:
a. aggregate demand and the stickiness of wages and prices. b. aggregate supply and the stickiness of wages and prices. c. aggregate demand and the flexibility of wages and prices. d. aggregate supply and the flexibility of wages and prices.
Compare the effectiveness of monetary policy in an open economy with mobile international capital to monetary policy in a closed economy. Why is it different? Use an appropriate diagram to illustrate your answer