Which of the following is INCORRECT?
a. Aggregate abatement spending in the U.S. has increased over time
b. Across all economic sectors, business spending on abatement in the United States comprises the highest proportion of aggregate abatement spending
c. Across major industries, spending on waste treatment outweighs spending on recycling
d. The petroleum and coal industry spends less on abatement than any other industry
d. The petroleum and coal industry spends less on abatement than any other industry
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Given that the velocity of money can be unstable in the short run, is this reason enough to dismiss money growth as a policy target? Explain.
What will be an ideal response?
A competitive market for a product must be in equilibrium when:
a. Spending on the product is equal to the value of the quantity supplied b. There is no tendency for the price of the product to change c. The quantity of the product bought is less than the quantity of the product sold d. The number of consumers equals the number of producers
In the long run,
a. the natural rate of unemployment depends primarily on the level of aggregate demand.
b. inflation depends primarily upon the money supply growth rate.
c. there is a tradeoff between the inflation rate and the natural rate of unemployment.
d. All of the above are correct.
Which of the following is the best example of transaction cost?
a. The cost incurred on account of an increase in temporary workers b. The extra money you could have earned by working over the weekend had you not chosen to go camping with your friends c. The amount of time you spend in looking for a house d. The increase in production cost resulting from an increase in the hourly wages of workers