The benefits of urbanization include: crime, pollution, increased taxation and congestion
Indicate whether the statement is true or false
False
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Which of the following is a partially valid economic argument for restricting free trade?
a. Restrictions on foreign trade will increase employment and permanently reduce unemployment. b. Removal of restrictions that have existed for years will initially cause inflation. c. Infant industries need permanent protection to develop and gain productive efficiency. d. A nation needs to protect industries that are vital to national defense in case of future international conflict.
According to the superstar phenomenon, the most talented person in which of the following occupations is most likely to earn extremely high wages?
a. an electrician b. a hair stylist c. a journalist d. an engineer
Suppose the following information is known about a market: 1. Sellers will not sell at all below a price of $2. 2. At a price of $10, any given seller will sell 10 units. 3. There are 100 identical sellers in the market. Assuming a linear supply curve, use this information to derive the market supply curve
What will be an ideal response?
If government uses its stabilization policies to maintain full employment under conditions of cost-push inflation:
A. a deflationary spiral is likely to occur. B. an inflationary spiral is likely to occur. C. stagflation is likely to occur. D. the Phillips Curve is likely to shift inward.