It is true that the distribution process carried out by the price system
a. accomplishes the task more efficiently than central planners would.
b. favors the rich.
c. is superior to other rationing mechanisms because it is able to pay attention to individual consumer preferences.
d. All of the above are true.
d
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Looking at the table above, real wages ________ from 2011 to 2012, and real wages ________ from 2012 to 2013.
A) fell; rose
B) fell; fell
C) rose; fell
D) rose; rose
According to this Application, the decrease in consumer wealth due to decreases in the value of home equity has
A) decreased consumer spending. B) decreased the marginal propensity to save. C) increased short-run aggregate supply. D) increased consumer saving.
Macroeconomic equilibrium occurs when the quantity of real GDP _______ equals the quantity of _______
A. demanded; real GDP supplied B. demanded; potential GDP C. supplied; potential GDP D. demanded; real GDP supplied and potential GDP
In the game in Scenario 13.6,
A) "Poison Pill" is a dominant strategy for Lawrence LLP. B) "Dump" is a dominant strategy for Lawrence LLP. C) "TurboTech" is a dominant strategy for ERS Co. D) "ZamboniTech" is a dominant strategy for ERS Co. E) No firm has a dominant strategy.