Figure 4.5 illustrates a set of supply and demand curves for hamburgers. A decrease in supply and a decrease in quantity demanded are represented by a movement from:
A. point a to point d.
B. point c to point d.
C. point c to point a.
D. point b to point c.
Answer: B
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Because the actual market-capitalist system is a combination of market processes and political processes,
A) it can only be managed appropriately by well-trained political economists. B) it is often unclear where to place the blame when things go wrong. C) political considerations will always ruin the market process. D) economic considerations will always ruin the political process.
What, according to neoclassical growth theory, is the fundamental cause of economic growth?
What will be an ideal response?
At all points below the current LM curve,
A) the supply of output exceeds output demand. B) the supply of output falls short of output demand. C) the supply of money falls short of money demand. D) the supply of money exceeds money demand.
Common property often results in
A) a negative externality. B) a social benefit. C) a private cost. D) exclusive rights of ownership.