The response of output following a natural disaster includes
A) an increase in output demand and an increase in output supply.
B) an increase in output demand and a decrease in output supply.
C) a decrease in output demand and an increase in output supply.
D) a decrease in output demand and a decrease in output supply.
B
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Which of the following items are included in money supply M2 but not M1?
A. Federal Reserve notes B. savings deposits C. coins D. checkable deposits
The measured distribution of ________ is a more accurate indicator of the degree of economic inequality than the measured distribution of ________ because ________ data does not include ________
A) income; wealth; wealth; human capital B) wealth; income; income; holdings of real estate C) wealth; income; income; human capital D) income; wealth; wealth; employment information
A major difficulty with the infant industry argument for protection is that
A) government revenue will fall with a tariff. B) it requires the nation to fall into the large country case for tariff protection. C) effective rates of protection are usually greater than nominal rates. D) the measurement of production externalities is hard and uncertain. E) the productivity of infant industries is usually declining.
"No individual should have less than $20,000 income in the United States in 2017" is an example of
A. a normative statement. B. a truism. C. a positive statement. D. an illogical and refutable statement.