Which of the following is a definition of economic fluctuations?
a. Movements in prices around their long-run trend
b. Shifts in the long-run trend of output
c. Movements of the real wage over the long run
d. Shifts in the long-run trend of prices
e. Movements in output around its long-run trend
E
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Excise taxes constitute a large source of government revenue
a. True b. False
Persons who die before age 65 or soon thereafter, receive little or nothing from their Social Security payroll tax payments. Which of the following groups is harmed the most by this attribute of the Social Security retirement system?
a. High-income workers. b. Hispanics. c. Heavy cigarette smokers. d. College graduates.
The concept of rational expectations first appeared on the economic scene in _______, but it wasn't until the _____________ that it received more significant notice in the economics profession
A) 1931; early 1970s B) 1961; early 1970s C) 1981; early 1990s D) 1991; early 2000s E) 1921; early 1980s
Profits and losses play an important role in helping
a. to signal to government which businesses are suffering losses so that they can be subsidized. b. consumers decide which products they value the most by looking at each firm's profit. c. direct businesses toward productive projects and away from ones that are unproductive. d. ensure that the total profits in the economy exactly equal the total losses.