According to the idea of laissez faire
A. Markets lead to efficient economic outcomes
B. Business should not interfere in markets
C. Markets require govt intervention for efficiency
D. Markets lead to equilibrium
E. As much as possible, govts should not interfere with markets
Ans: E. As much as possible, govts should not interfere with markets
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The expenditure multiplier arises because one person's additional expenditure becomes another person's additional income that will generate additionalÂ
A. cyclical unemployment. B. menu costs. C. expenditure. D. investment demand.
Which of the following checks issued by the government represents a transfer payment?
A. The state of Oregon pays a construction firm for its work in repairing a state highway. B. The state of Illinois pays groundskeepers at the state capitol building their weekly wages. C. The federal government pays a retiree her Social Security benefits. D. The federal government pays a defense contractor for development of a missile system.
Immediately after being collected, taxes are deposited in
A) tax and loan accounts. B) the Federal Reserve Bank of New York. C) Federal Reserve district banks around the country. D) the Congressional Vault.
In perfect competition, no individual producer can significantly affect the market price because
a. the market is regulated by the government b. each producer is ignorant of the market price c. each producer provides a very small portion of the total market supply d. strictly enforced collusion prevents any producer from acting independently e. each firm's product is so different that there is no market price