Because the actual market-capitalist system is a combination of market processes and political processes,
A) it can only be managed appropriately by well-trained political economists.
B) it is often unclear where to place the blame when things go wrong.
C) political considerations will always ruin the market process.
D) economic considerations will always ruin the political process.
B
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When an economy faces diminishing returns,
A) the slope of the per-worker production function becomes flatter as capital per hour worked increases. B) the per-worker production function shifts to the left. C) the per-worker production function shifts to the right. D) the slope of the per-worker production function becomes steeper as capital per hour worked increases.
A sale of foreign assets by a central bank has the same effect on the monetary base as
A) a decrease in the discount rate. B) a decrease in the required reserve ratio. C) an open market sale of government bonds. D) an open market purchase of government bonds.
When government increases a fixed tax, consumption schedule
A. shifts downward in a parallel manner. B. shifts upward in a parallel manner. C. becomes horizontal. D. becomes vertical.
A buyer always wants to:
A. buy for a price that is as high as possible, but never higher than his willingness to pay. B. buy for a price that is as low as possible, but never lower than his willingness to pay. C. buy for a price that is as low as possible, but never higher than his willingness to pay. D. buy for a price that is as high as possible, but never lower than his willingness to pay.