The term ceteris paribus is an economic assumption that means
A) let the buyer beware.
B) logical common sense.
C) the detail is in the interrelationship.
D) other things being equal.
Answer: D
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If growing income inequality results from or encourages more rent seeking that, as a whole, make society worse off, this will
A) increase the size of the economic pie despite the income inequality. B) decrease the size of the economic pie. C) not change the size of the economic pie because the rent-seeking behavior will benefit enough parties to completely offset the effects of the increases in income inequality. D) result in complete income inequality as rent seeking continues to occur in the future.
A bank panic refers to a situation where banks are afraid they will not have enough customers to borrow all their excess reserves
Indicate whether the statement is true or false
Which of the following statements is (are) correct?
a. Both the monetarists and classicists agree that output is completely supply determined, even in the short run b. The monetarists do not agree with the classical position that monetary policy cannot be used to influence output. c. According to both the monetarists and the classicists, output is determined by demand side factors in the short run d. None of the above
Unions contribute to
a. cyclical unemployment. b. frictional unemployment. c. seasonal unemployment. d. structural unemployment.