The requirement that people in similar situations be treated similarly is called
A) the big tradeoff.
B) the symmetry principle.
C) utilitarianism.
D) efficiency.
B
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Based on the figure below. Starting from long-run equilibrium at point C, a decrease in government spending that decreases aggregate demand from AD1 to AD will lead to a short-run equilibrium at__ creating _____gap.
A. B; no output B. D; an expansionary C. B; recessionary D. D; a recessionary
Suppose that a currency's value is found to be overvalued by using purchasing power parity. Then
A) the currency will appreciate in the future but we don't know when. B) we know when and how much the currency will depreciate. C) the interest rate in the country will change in order to restore purchasing power parity. D) we know when and how much the currency will appreciate. E) the currency will depreciate in the future but we don't know when.
One problem associated with the National Banking System was
a. the perverse elasticity of the money supply. b. the tendency of bank reserves to stay in local communities. c. inadequate backing for national bank notes. d. excessive loans made to farmers.
The accompanying figure shows Becky's daily production possibilities curve for dresses and skirts.
Point T is:
A. both attainable and efficient. B. attainable. C. efficient. D. neither attainable nor efficient.