When did the United States suffer hyperinflation?
A) Revolutionary War
B) War of 1812
C) World War II
D) Korean War
A
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The basic economic problem is a situation of
A) limited resources and unlimited wants. B) both limited resources and limited wants. C) limited incomes and unlimited choices. D) unlimited incomes and limited choices.
According to Okun's law, when the output gap is positive, cyclical unemployment:
A. equals frictional unemployment. B. equals structural unemployment. C. equals zero. D. is negative.
In a perfectly competitive market, a firm's short-run supply curve is
A. its marginal cost curve equal to or above the point of intersection with its average variable cost curve. B. its total cost curve between the shutdown point and the break-even point. C. its average variable cost curve below the point of intersection with its total cost curve. D. its total cost curve.
Excise taxes include sales taxes, unit taxes, and
a. property taxes b. estate taxes c. customs duties d. inheritance taxes e. poll taxes