During the 1990s and the first decade of the 2000s
a. polls have shown that U.S. citizens are more concerned about inflation than any other national problem
b. the U.S. inflation rate reached double digits (10 percent or higher)
c. the U.S. economy consistently experienced deflation (a falling price level)
d. the U.S. inflation rate averaged about 8 percent per year
e. the U.S. inflation rate averaged less than 3 percent per year
E
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A characteristic of monopolistic competition is
A) product differentiation. B) a high capital-output ratio. C) a low ratio of fixed costs to variable costs. D) the absence of advertising.
International financial transactions are most likely to affect the U.S. monetary base when
A) the United States is in recession. B) the United States is experiencing a severe inflation. C) the Fed tries to influence the foreign-exchange value of the dollar. D) interest rates in the United States are highly variable.
When people "vote with their feet" they _____
a. move to the governmental jurisdiction with the lowest taxes b. move to the governmental jurisdiction that have the bundle of government goods and services closest to their preferred level c. move to the governmental jurisdiction with the best schools d. move to democracies from dictatorships
What is one reason it might be difficult to dissuade people from pirating music off the Internet?
A) Consumer surplus is very high when music is pirated. B) In general, consumers get a rush from "stealing." C) Consumers mistakenly believe that the Internet is public domain. D) Producer surplus is very low when music is pirated.