Income is more unequally distributed:
a. than wealth
b. today than it was 40 years ago
c. at a point in time than over the course of a lifetime
d. both b. and c.
Answer: d. both b. and c.
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The fact that output gaps will not last indefinitely, but will be closed by rising or falling inflation is the economy's:
A. income-expenditure multiplier. B. self-correcting property. C. short-run equilibrium property. D. long-run equilibrium property.
One difference between futures and options contracts is
A) funds change hands daily in the case of options but not with futures. B) funds change hands daily in the case of futures, but not with options. C) in the case of futures funds only change hands when they are exercised. D) futures are designed to reduce risk while options are not.
The charter of the Bank of the United States was not renewed in 1811 in part because:
a. Thomas Jefferson, who was president at the time, believed it to be unconstitutional. b. of years of general instability in the value of currency. c. of instability and uncertainty in the expansion of credit. d. of fears of foreign ownership and manipulation.
Which of the following is not true about a production possibilities curve? It indicates
a. what combinations are attainable and unattainable b. efficient combinations of the goods produced c. which combinations are inefficient d. which combinations of goods and services can be produced e. the actual combination produced