Which of the following contributes to stagflation?
A. Job training programs that train workers to perform economically useful jobs.
B. Lowering marginal tax rates.
C. Price ceilings.
D. Discrimination that prevents the most productive employee from being hired.
Answer: D
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Which of the following is most likely to be a fixed input in the short run for Joe's Garage?
a. the grease used to lubricate cars b. the part-time labor employed to repair cars c. the inventory of replacement parts d. the electricity used to heat and light the garage e. the garage used to repair cars
The Hicks family owns a blueberry farm in Maine. The Ward family owns a blueberry farm in Massachusetts. A drought in Massachusetts destroys half of the Ward family's harvest for one year. For the Ward family, their
a. transitory income for the year of the drought likely exceeds their permanent income. b. permanent income likely exceeds their transitory income for the year of the drought. c. transitory income likely will be affected but the permanent income of the Hicks family will increase. d. permanent income likely will be affected but the permanent income of the Hicks family will not be affected.
Which of the following statements is true?
A) Whenever a firm raises its price its total revenue will increase. B) When a firm lowers its price its total revenue may either increase or decrease. C) Whenever a firm increases its quantity sold its revenue will increase. D) Total revenue will equal zero when the demand for a product is unit elastic.
How are the fundamental economic decisions determined in North Korea?
A) Individuals, firms, and the government interact in a market to make these economic decisions. B) These decisions are made by the country's elders who have had much experience in answering these questions. C) The government decides because North Korea is a centrally planned economy. D) The United Nations decides because North Korea is a developing economy.