Regarding government intervention in the economy, which of the following statements is not true?
A. Liberals tend to favor intervention.
B. Conservatives are inclined to adhere to fixed rules.
C. There is no guarantee that government intervention will have the desired effect.
D. The effect of government actions on interest rates and spending is unknown.
E. All of these responses are correct.
Answer: A
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Markets can fail to achieve efficiency when
a. there are prices consumers do not think are fair. b. there are wages workers do not think are fair. c. trade puts people out of work. d. there are public goods.
You are considering staying in college another semester so that you can complete a major in economics. In deciding whether or not to stay you should
a. compare the total cost of your education to the total benefits of your education. b. compare the total cost of your education to the benefits of staying one more semester. c. compare the cost of staying one more semester to the benefits of staying one more semester. d. compare the total benefits of your education to the cost of staying one more semester.