In the 1990s, inflation in the United States was
a. very close to zero.
b. about 3 percent per year.
c. about 6 percent per year.
d. commonly referred to as "public enemy number one.".
b
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Economists study perfect competition
a. because many markets are perfectly competitive. b. for its descriptive realism. c. to establish a benchmark by which to measure the performance of the economy. d. All of the above are correct.
Bill is a high-school dropout who lost his job in a fast food restaurant when the economy plunged into a recession. After 8 months, Bill is still looking for work. He is an example of
A) frictional unemployment. B) structural unemployment. C) cyclical unemployment. D) the natural unemployment rate.
The cost of inflation to society includes I. the opportunity costs of resources used by people to protect themselves against inflation. II. the diversion of productive resources to forecasting inflation
A) I only B) II only C) both I and II D) neither I nor II
Which of the following is not an example of a government-imposed entry barrier?
A) occupational licensing B) antitrust legislation C) patents D) barriers to international trade