Two major virtues of the market system are that it:
A. allocates resources efficiently and allows economic freedom.
B. results in an equitable personal distribution of income and always maintains full
employment.
C. results in price level stability and a fair personal distribution of income.
D. eliminates discrimination and minimizes environmental pollution.
Answer: A
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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.
Refer to the scenario above. People will earn a net benefit of ________ if the discount weight of the future benefit is 1/10
A) 950 utils B) 930 utils C) -600 utils D) -950 utils