The term laissez-faire has the same meaning as which Beatles song?
a. Hey Jude
b. Penny Lane
c. Nowhere Man
d. Tax Man
e. Let it Be
E
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As the economy becomes more technologically sophisticated, the wage premium can be expected to
A. continue rising. B. continue falling. C. rise. D. fall.
Price controls will tend to cause misallocation of resources because
a. production (or opportunity) cost no longer corresponds to market price. b. people are unable to determine their preferences at the high or low price. c. producers no longer have incentive to be profitable. d. consumers no longer have incentive to spend their income efficiently.
Between 1981 and 2013, the overall mortality rate in the United States
A) remained fairly constant. B) decreased by more than 25 percent. C) slowly but steadily increased. D) was similar to the average rate in most low-income countries.
Expansionary and contractionary gaps are automatically eliminated by shifts in aggregate demand
a. True b. False Indicate whether the statement is true or false