Spontaneous order is an idea of:
a. Keynes
b. Schumpeter
c. Marx
d. Lange
e. None of the above
E
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Suppose that the United States decided to subsidize a major competitive effort by the semiconductor industry to bring to market the next generation computer chip. Under the current rules of the WTO and GATT, the U.S. effort is
A) allowed as long as the subsidies are a small percent of the total cost. B) allowed as long as the subsidies do not involve a direct payment to the industry. C) not allowed. D) neither allowed nor disallowed. E) allowed as long as the subsidies do not succeed in creating a new product.
In the long run, in the model of monopolistic competition, for a typical firm, price is
a. above average cost but equal to marginal cost. b. above marginal cost but equal to average cost. c. above marginal cost. d. equal to marginal cost and equal to or greater than average cost.
A bank's "required reserves" are:
a. held as deposits with the Federal Reserve System. b. equal to its checkable deposits. c. equal to its transactions deposits. d. none of these.
The growth rate of average annual earnings in the United States from 1973 to 1995 was:
A. roughly equal to zero. B. higher than it was from 1960 to 1973. C. the same as it was from 1960 to 1973. D. lower than it was from 1960 to 1973.