According to your authors, which of the following is necessary for real-world markets to clear?
A) Supply and demand curves
B) The hard work of expert economists
C) A well-managed national economic plan
D) "Rules of the game," which allow for competitive bidding on scarce goods
E) Nothing more than pure luck
D
Economics
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The self-correcting property of the economy means that output gaps are eventually eliminated by:
A. increasing or decreasing potential output. B. government policy. C. decreasing inflation only. D. increasing or decreasing inflation.
Economics
8 Guideposts to economic thinking
What will be an ideal response?
Economics