According to Gresham's Law,
a. inflation and unemployment are inversely related.
b. tax rates and tax revenues are inversely related.
c. bad money drives out good money.
d. inflation is inevitable in the long run.
c. bad money drives out good money.
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Refer to Figure 7.1. Start from initial equilibrium. If the economy experiences increased immigration, the new real wage could be ________ and the new amount of labor employed could be ________
A) X; C B) Y; A C) Z; C D) Z; A
Which of the following directly creates growth in labor productivity?
I. Growth in capital per hour of labor II. Technological change III. Population growth A) I only B) II only C) I and II D) I and III
A tariff on imports affects foreign suppliers ____; a quota affects foreign suppliers ____.
A. effectively; ineffectively B. haphazardly; carefully C. equally; capriciously D. unfairly; fairly E. unequally; unequally
Suppose Sprite and 7-Up are considered by consumers to be substitutes. The likely economic impact of a decrease in the price of 7-Up is a:
a. movement up along the demand curve for Sprite. b. decrease in the supply of 7-Up c. rightward shift of the demand curve for Sprite. d. leftward shift of the demand curve for Sprite.