A long and deep recession in the business cycle is:
a. unemployment.
b. a trough.
c. a recession.
d. a depression
e. unavoidable.
d
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Our business cycle experiences suggest that a macroeconomic policy designed to lower the average rate of inflation will require ________ in actual real GDP and an accompanying ________ in the unemployment rate
A) an increase, increase B) an increase, decrease C) a reduction, increase D) a reduction, decrease
The producers of externalities prefer _____ to _____
a. corrective taxation; regulation b. regulation; subsidization c. competition; subsidization d. regulation; corrective taxation
The more bowed out the Lorenz curve is, the
A) more equal the distribution of income. B) less equal the distribution of income. C) richer the society. D) poorer the society.
At times, converging economies must live with a degree of uncertainty over inflation that would be politically unacceptable in the high-income economies.
Select whether the statement is true or false. A. True B. False