People on a fixed income are adversely affected by inflation.
a. true
b. false
Ans: a. true
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If velocity does not change and the quantity of money grows at the same rate as does real GDP, then in the long run
A) the real interest rate is less than the nominal interest rate. B) the inflation rate equals zero. C) the nominal interest rate equals zero. D) the inflation rate equals the growth rate of the quantity of money. E) the nominal interest rate is less than the real interest rate.
By charging the equilibrium price for shared rides as opposed to the government-regulated price charged by traditional taxi companies, Uber has
A) increased deadweight loss. B) decreased producer surplus. C) increased consumer surplus. D) decreased consumer surplus.
Which of the following is an example of cyclical unemployment?
A. Dora lost her job when the textile factory closed. She does not have skills to work in another industry and has been unemployed for over a year. B. Jim had a job as an engineer, but quit when his wife was transferred to another state. He looked for a month before finding a new job that he liked. C. George is an unskilled worker who mows lawns in the summer, but is unemployed the rest of the year. D. Marsha was laid off from her job with the airline because the recession reduced demand for airline travel. She expects to get her job back when the economy picks up.
The most competitive industry among the following is one that has
A. price leadership. B. covert collusion. C. open collusion. D. a cartel.