The high-income economies of the world have learned there is no long-run gain to letting _______ become established.
a. entrepreneurship
b. unemployment
c. inflation
d. censorship
c. inflation
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Which of the following statements CORRECTLY describes the policy stance of a macroeconomist?
A) A monetarist believes that the quantity of money should be constantly changed in order to offset changes in aggregate demand. B) A new classical macroeconomist believes that fiscal and monetary policy are required to maintain full employment. C) A Keynesian believes that if taxes are always kept low and the quantity of money is kept on a steady growth path, no policy actions will be needed to maintain full employment. D) A classical macroeconomist believes that maintaining consistently low taxes will allow the economy to expand at an appropriate and rapid pace.
Average cost
A. is always larger than marginal cost. B. declines for some range of output, hits a minimum, and then increases. C. is always smaller than marginal cost. D. is total cost/price of the product.
Refer to the above figure. At a price of $6, excess quantity supplied equals
A) 0. B) 12. C) 15. D) infinity.
If the stock market value of a firm is $10 million and the firm owns $15 million of capital, then Tobin's q equals
A. 4. B. 2/3. C. 3/2. D. 1.