A good way to view macroeconomic equilibrium is:
a. Water at rest in a tub.
b. Two opposing forces, like water flowing into and out of a tub but the level remaining constant.
c. A state of complete rest, where an economy comes to a complete halt for a brief period.
d. A state of rapid change, but one where the adjustment from one level to another is so quick that the shifts are seamless to most observers.
e. Where the supply and demand for economic activity equals the supply and demand for political activity.
.B
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Without government intervention, public goods would
a. be much less expensive. b. not be provided. c. be produced in much larger quantity. d. be priced within the income ability of all individuals to purchase them.
If the quantity of a good supplied is not very sensitive to the price of the good, this is illustrated by a
a. demand curve that is relatively flat (more horizontal). b. demand curve that is relatively steep (more vertical). c. supply curve that is relatively flat (more horizontal). d. supply curve that is relatively steep (more vertical).