In the main chorus of the Keynes-Hayek rap lyrics, Keynes states "I want to steer markets" and Hayek replies, "I want them set free.". These statements are referring to
a. the tendency of Keynesians to favor government intervention and central planning and the tendency of Hayekians to favor free markets.
b. the tendency of Keynesians to favor restrictive fiscal policy and the tendency of Hayekians to favor expansionary fiscal policy.
c. the tendency of Keynesians to favor budget deficits and the tendency of Hayekians to insist on budget surpluses.
d. the tendency of Keynesians to favor fiscal policy and of Heyekians to favor monetary policy.
A
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Which of the following does NOT belong?
A) NAFTA B) Uruguay Round C) World Trade Organization D) non-tariff barriers E) major free trade agreements of the 1990s
If a production possibilities frontier is bowed out (concave to the origin), then production occurs under conditions of
A) constant opportunity costs. B) increasing opportunity costs. C) decreasing opportunity costs. D) infinite opportunity costs. E) uncertain opportunity costs.