The existence of recessions highlights
a. the strengths of the Federal Reserve
b. the need for the "other things equal" assumption
c. our failure to consider differences between the short run and long run
d. how confusing the economy can become
e. the interdependence between production and income
E
You might also like to view...
Henry David Thoreau faced a choice: Stay in the village of Concord or move out to Walden Pond. He decided to move to Walden. What was his" opportunity cost"?
A) There was no opportunity cost if he didn't pay rent for his cabin on Walden Pond. B) The satisfaction he would have enjoyed were he to stay in Concord C) The sweat and toil of building his own cabin and living off the land at Walden Pond D) There was no opportunity cost, because he made a free and voluntary decision to live the way he preferred to live.
The effective coordination of social behavior through voluntary exchange depends significantly upon
A) clearly defined property rights. B) such civic virtues as courtesy and tolerance. C) well-established and generally accepted rules regarding behavior. D) all of the above.