______________: Using right methods of production
Fill in the blank(s) with the appropriate word(s).
Ans: Productive efficiency
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When a minimum wage is ________, the firms' surplus and workers' surplus shrink, a deadweight loss ________, and resources are lost in job search
A) inefficient; arises B) inefficient; disappears C) efficient; arises D) efficient; disappears E) nonexistent; arises
According to the Monetarists, "Policy activism" is difficult if not impossible to perform successfully because
A) the timing of policy impacts on nominal GDP are known. B) the magnitude, size of impacts are known. C) the timing and magnitude of the impact of AD disturbances are known, forecasted with precision. D) Monetarists believe all of the above are correct.
The Reagan administration's 1981 personal income tax changes were designed to: a. stimulate aggregate demand and reduce unemployment
b. stimulate aggregate demand and increase economic growth. c. stimulate aggregate supply and increase economic growth. d. decrease aggregate demand in order to reduce inflation. e. increase tax revenues to reduce the federal budget deficit.
What are some of the long-run costs of tariffs?
What will be an ideal response?