If workers and employers base their wages on an inflation forecast that turns out to be correct...
What will be an ideal response?
neither workers nor employers gain or lose from the inflation
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Which of the following will not cause an increase in demand for good X?
What will be an ideal response?
Monopolists are criticized because they are inefficient. What is meant by this statement?
A. Monopolists could use their resources better elsewhere. B. Monopolists don't innovate enough to control pollution. C. Monopolists produce a large quantity of waste. D. Monopolists usually don't produce at the minimum of the ATC.
Refer to the data in the table below. Which of the following statements is correct?
A. The distribution of income was the same in 2008 as in 1970
B. In 2008, the top 20 percent of households earned about half of the nation's total income
C. In 1970, the poorest 60 percent of the population earned 17.4 percent of the nation's total income
D. The income levels of the lower 60% of households have fallen from 1970 to 2008
The relationship between education and economic growth can best be summarized by saying that
A) educated people are less apt to consume goods that deplete economic resources, which encourages economic growth. B) educational expenditures tend to divert funds from productive investments, which discourages economic growth. C) educational expenditures tend to be inflationary, which discourages economic growth. D) education has benefits beyond those who receive the education, which encourages economic growth.