Alexis de Tocqueville observed in his Democracy in America: "There is no country in which everything can be provided for by the laws, or in which political institutions can prove a substitute for
A) common sense and morality."
B) economic development."
C) police and prisons."
D) supply and demand."
E) the private pursuit of private interests."
Ans: A) common sense and morality."
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If both the supply and demand curves shift to the right, then we can conclude that there will be
A. an increase in the equilibrium quantity sold and an increase in the equilibrium price. B. a decrease in the equilibrium quantity sold and a decrease in the equilibrium price. C. an increase in the equilibrium quantity sold and a decrease in the equilibrium price. D. an increase in the equilibrium quantity sold and an uncertain effect on the equilibrium price.
By itself, a supply shock, such as a hike in the price of oil, can
A) cause real GDP to permanently decrease year after year. B) not result in persisting inflation. C) be inflationary as long as there is no policy response. D) result in persisting inflation if aggregate supply persistently increases. E) result in a persisting wage-price spiral.
An increase in the number of producers of gruel ________ the supply of gruel and shifts the supply curve of gruel ________
A) increases; rightward B) increases; leftward C) decreases; rightward D) decreases; leftward
The process of deciding on and passing fiscal policy legislation creates:
A. an information lag. B. an implementation lag. C. a direction lag. D. a formulation lag.