Most economists consider the case for jawboning to control inflation is strongest when this policy is used:
a. for a long period of time.
b. to combat inflation that is out of control.
c. to combat cost-push inflation.
d. All of these are true.
d
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Type I errors are
a. False negatives b. False positives c. True negatives d. True positives
A bank's balance sheet can show a negative net worth and yet its income statement can show a profit for the year
a. True b. False
Refer to Figure 7.1. What is the marginal product of the 25th worker?
A. 1.1 units of output
B. 22 units of output
C. 2 units of output
D. 10 units of output
Which of the Ten Principles of Economics does welfare economics explain more fully?
a. The cost of something is what you give up to get it. b. Rational people think at the margin. c. Markets are usually a good way to organize economic activity. d. People respond to incentives.