Which of the following statements is true?
a. When central planners set prices above equilibrium for goods and services they create shortages.
b. Adam Smith argued that government's role in society would be to do absolutely nothing.
c. The United States today comes closer to the socialist form of economic organization than it does capitalism.
d. According to Karl Marx, under capitalism, workers would be exploited and would revolt against the owners of capital.
d
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In the monetary intertemporal model, the long-run effects of an increase in the growth rate of money include
A) an increase in output and an increase in the real wage. B) an increase in output and a decrease in the real wage. C) a decrease in output and an increase in the real wage. D) a decrease in output and a decrease in the real wage.
Refer to Figure 9.8. If free trade in sugar is allowed, consumer surplus will be
A) $175. B) $250. C) $30,625. D) $61,250. E) $62,500.