The method used by society to produce and distribute goods and services
a. standard of living
b. privatize
c. economic system
d. self-interest
e. factor payments
Ans: c. economic system
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The self-correcting property of the economy means that output gaps are eventually eliminated by:
A. increasing or decreasing potential output. B. government policy. C. decreasing inflation only. D. increasing or decreasing inflation.
Explain why proponents of supply-side effects of tax rate variations who also believe that tax-rate changes influence aggregate demand might claim that cuts in marginal income tax rates can potentially push up real Gross Domestic Product (GDP)
without generating inflation.
The Federal Reserve monetary policy goals of maximum employment means
A) aiming for an amount of employment that exceeds full employment. B) cyclical unemployment should not necessarily be minimized. C) keeping the unemployment rate close to the natural unemployment rate. D) a zero percent natural unemployment rate. E) a zero percent unemployment rate.
The marginal product of labor is calculated using the formula
A) ?Q/?L. B) Q/L. C) L/Q. D) ?L/?Q.