The symmetry principle states that
A) the poorest person must be made as well off as possible.
B) income should be transferred from the rich to the poor up to the point of complete equality.
C) resources should be common property.
D) people in similar situations must be treated similarly.
D
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Which of the following statements is true about fiscal policy lags?
A) Automatic stabilizers have a much shorter impact lag than discretionary fiscal policy. B) Although the recognition lag is equally long for discretionary fiscal policy and for automatic stabilizers, the latter avoid implementation lag because automatic stabilizers are triggered automatically. C) Unlike discretionary fiscal policy, automatic stabilizers respond automatically to changes in the economy, thus avoiding the recognition and implementation lags. D) Although automatic stabilizers have a much shorter lag, discretionary fiscal policy instruments have a more potent impact on the economy because they are more precise.
A production possibilities frontier is bowed outward when
a. the more resources the economy uses to produce one good, the fewer resources it has available to produce the other good. b. an economy is self-sufficient instead of interdependent and engaged in trade. c. the rate of tradeoff between the two goods being produced is constant. d. the rate of tradeoff between the two goods being produced depends on how much of each good is being produced.