Which of the following are ways to ration goods and services?
A) price
B) physical force
C) political power
D) All of the above are correct.
Answer: D
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Critics of active monetary and fiscal policy emphasize
a. that policy affects the economy with a lag and our ability to forecast future economic conditions is poor. b. "leaning against the wind" of economic change to stabilize the economy. c. cutting government spending, raising taxes, and reducing the money supply when aggregate demand is excessive. d. boosting government spending, lowering taxes, and increasing the money supply when aggregate demand is low.
Of the four groups listed below, the highest unemployment rate is typically experienced by:
A. females as a group. B. males as a group. C. teenagers. D. persons who completed 1-3 years of high school.
A good with an income elasticity of 2.3 is:
A. a necessity. B. a luxury. C. inferior. D. a complement.
The increase in total cost resulting from producing one more unit of output is called
A. variable cost. B. average total cost. C. opportunity cost. D. marginal cost.