The United States is a mixed economy because there is a ______________________ sector and a _______________ sector.
Fill in the blank(s) with the appropriate word(s).
private; public
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If government were to issue a fixed number of licenses to produce a good or provide a service, this would likely:
A. increase the wage received by those who have licenses. B. lower the wage received by those who have licenses. C. lower the price of the good or service to consumers. D. increase the demand for goods.
The self-correcting tendency of the economy means that rising inflation eventually eliminates:
A. unemployment. B. exogenous spending. C. recessionary gaps. D. expansionary gaps.
Most economists believe that a tradeoff between inflation and unemployment exists
a. only in the short run. b. only in the long run. c. in both the short and long run. d. in neither the short nor long run.
There can be no shortages or surpluses at the equilibrium price.
a. true b. false