According to classical economics,
a. the economy moves to full employment in the long run
b. the economy is always at full employment in the short run
c. the economy is rarely at full employment
d. business cycles explain long-run fluctuations in the economy
e. the economy is at full employment in the short run, but in the long run, business cycle movements lead the economy away from full employment
A
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The idea that unequal incomes are unfair generally uses the ________ principle of fairness
A) big tradeoff B) involuntary exchange C) voluntary exchange D) it's not fair if the result isn't fair E) it's not fair if the rules aren't fair
Which of the following is an allowable deduction?
A. Unreimbursed medical expenses that exceed 7.5% of AGI B. State and local income and property taxes C. Interest on qualified education loans up to a certain limit D. All of the answer options are correct.
Sydney Roofers Incorporated recently purchased 100 pounds of standard roofing nails from Lowes, a nationwide hardware and building supplies store. This transaction most likely involves:
A. contract or vertical integration. B. spot exchange. C. contract. D. vertical integration.
Which of the following is NOT a wage or employment strategy that a union would follow?
A. Set a wage rate that will maximize the income of its members. B. Set a wage rate such that all workers that want to find a job can find a job. C. Set a maximum wage rate such that a shortage of workers will result. D. Set a wage rate that will maximize the income of only some of its members.