Oil is an example of a renewable resource
a. True
b. False
B
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Which of the following statements correctly identifies a reason why inflation can be used as a countercyclical policy tool?
A) Inflation sometimes increases the demand for workers that increases output and helps combat slowdowns. B) Inflation reduces money costs and hence stimulates an economy during slowdowns. C) Inflation increases consumer demand which is necessary for combating slowdowns. D) Inflation increases consumer confidence, which is an absolute necessity to counter act business cycles.
If we eliminated our textile tariffs, the dislocated workers could easily switch to other jobs
Indicate whether the statement is true or false
Perfect competition and pure monopoly are concepts useful primarily for realistic applications.
Answer the following statement true (T) or false (F)
Describe the policy ineffectiveness proposition (PIP). Be sure to state which economic theory the PIP is associated with and the assumptions that are necessary for this argument to hold