Interventionist economists
a. often advocate less interference in the private sector
b. believe the economy should be left alone
c. rely exclusively on peoples' expectations of future growth to bring the economy to long-run equilibrium
d. advocate that government and the Fed correct what they believe ails the economy
e. believe that the Federal Reserve should either remain independent or be eliminated
D
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If a producer must pay the cost of his or her pollution because property rights have been assigned, then
A) pollution will be completely eliminated. B) the supply curve will shift rightward as the new costs are added. C) the supply curve will shift leftward as the new costs are added. D) consumers will now consume more of the good because the external costs are reduced. E) there is no longer any marginal benefit from the good or service being produced.
_____ are an institution where the protocols may determine a _____ and the expected revenue of the seller
a. Contracts; buyer's pricing strategy b. Auctions; participant's best bidding strategy c. Auctions; participant's chances of winning the bid d. Contracts; buyer's share of gains from the transaction