Adam Smith stated, "The man of system is apt to be very wise in his own conceit. He seems to imagine that he can arrange the different members of a great society with as much ease as the hand arranges the different pieces upon a chess-board.". Which is true of this statement?
a. Keynes would tend to agree with the statement; Heyek would disagree with it.
b. Keynes would tend to disagree with the statement; Hayek would agree with it.
c. As the rap video indicates, both Keynes and Hayek strongly agree with this statement.
d. As the rap video indicates, both Keynes and Hayek strongly disagree with this statement.
B
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As the Federal Reserve ________ bonds, interest rates fall and the price of bonds ________
A) sells; rises B) buys; rises C) sells; falls D) buys; falls
A polluted river has 20 homes on it that rent for $1,000 each per month. Homes on a similar river that is not polluted rent for $2,000 each per month
The river is polluted because there are two factories on the river that dump polluted water in the river. Each factory could install a filter that would cost $5,000 each and would reduce the pollution in the water to a negligible level. The external cost in this problem is A) $20,000. B) $5,000. C) $10,000. D) $30,000.