The Pareto optimality concept is _____
a. equivalent to the concept of economic efficiency
b. equivalent to Pareto superiority
c. equivalent to utilitarianism
d. equivalent to cost-benefit analysis
a
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Some economists believe that the Asian crisis in 1997
A) could have been avoided if stronger action had been taken by major countries and international agencies. B) was inevitable since most of the economies were experiencing slow economic growth. C) was made worse by the refusal of the IMF to take any actions. D) was necessary to rid those economies of inflation.
Refer to Scenario 12.1. What is the probability of Simon trying to rescue the man and Paula not helping?
A) 9% B) 21% C) 49% D) 70%
Refer to Figure 28-2. Suppose the economy is at point C in the figure above. If workers adjust their expectations of inflation, which of the following will be true?
A) The natural rate of unemployment is 6%. B) Workers and firms expect inflation to be 1%. C) The short-run Phillips curve will shift to the left. D) The short-run Phillips curve will shift to the right. E) The economy will move from C to A.
In the new classical model, the aggregate supply schedule depends on
a. the expected level of the money stock. b. the expected price level. c. the expected values of fiscal policy variables and other possible determinants of aggregate demand. d. Both a and c e. All of the above