A market system tends to create inequality.
Answer the following statement true (T) or false (F)
True
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During the global financial crisis of 2008, as more people started selling their houses in fear of falling house prices, the house prices fell further. This is an example of a(n) ________
A) pecuniary externality B) positive externality C) information cascade D) moral hazard
All else equal, if job turnover has people leaving jobs and finding new jobs in the same industry, this will
A) decrease the supply of labor, but not change the demand for labor. B) increase the demand for labor and the supply of labor. C) increase the demand for labor and decrease the supply of labor. D) not change demand or supply in the labor market.
Which of the following monthly data series is closely observed by the Business Cycle Dating Committee of the NBER?
a. Real personal income less transfer payments b. Wholesale prices of goods c. Real GDP d. Total unemployment e. Real interest rates
The classical school believed that velocity and the price level were constant, thereby creating a direct link between changes in the money supply and changes in output
Indicate whether the statement is true or false