Monetary policy has no ________.
A. implementation lag
B. legislative lag
C. multiplier lag
D. recognition lag
Answer: B
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Many economists are critical of proposals to pass comparable worth legislation. Which of the following is the best explanation for this criticism?
A) Proposals for comparable worth legislation assume that wages for low-paying women's jobs should include compensating differentials. Economists believe that compensating differentials should be part of the wages for all jobs held by women. B) Proposals for comparable worth legislation call for increases in the wages of jobs held predominantly by women. Economists believe that this legislation should be used to increase the wages of all workers. C) Many economists believe that allowing markets to determine wages, rather than the rules required by comparable worth legislation, results in more efficient outcomes. D) Comparable worth legislation will only lead to efficient market outcomes if women in low-paying jobs suffer from cognitive dissonance.
Vertical equity in income taxation refers to the notion that persons with different levels of income should be taxed differently.
Answer the following statement true (T) or false (F)
Christy has a comparative advantage over Joel in making pizzas relative to making hotdogs. This means that:
a) Christy makes more pizzas in an hour than Joel does. b) Christy makes more hotdogs in an hour than Joel does. c) The opportunity cost of making pizzas is higher for Christy than for Joel. d) The opportunity cost of making pizzas is lower for Christy than for Joel.
In An Inquiry into the Nature and Causes of the Wealth of Nations, Adam Smith listed three reasons for productivity to increase with specialization. What are these three reasons?
What will be an ideal response?