What are institutions?
What will be an ideal response?
Institutions are the formal and informal rules governing the organization of a society, including its laws and regulations. They are determined by individuals as members of society, place constraints on behaviors, and affect incentives. disadvantage.
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In the political market place, typical voters
A) support policies that they think will make the poor better off. B) fire bureaucrats who support efficient policies. C) are fully informed. D) are sometimes rationally ignorant about a policy.
If people have more time to adjust to a price change, the price elasticity of demand for that good is likely to
a. increase b. decrease c. fall to zero d. become equal to -1 e. remain unchanged
________ policy focuses on the nation's money supply, while ________ policy focuses on the government's budget.
A. Fiscal; monetary B. Fiscal; structural C. Monetary; structural D. Monetary; fiscal
European governments accepted prolonged periods of unemployment in the 1990s in order to reduce inflation.
Answer the following statement true (T) or false (F)