Government intervention becomes necessary when self-interest leads to
a. increased profits.
b. laissez-faire.
c. the undermining of competition.
d. the law of diminishing returns.
c. the undermining of competition.
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The trade-off between unemployment rates and inflation originates in the
A. Upward-sloping AD curve. B. Upward-sloping AS curve. C. Downward-sloping AS curve. D. Vertical AS curve.
In the twentieth century, average real wages have risen substantially:
A. in industrial countries excluding the United States. B. in neither the United States nor other industrial countries. C. only in the United States. D. in industrial countries including the United States.
In the table above, Y is measured along the y-axis and X along the x-axis. The slope between points c and d is
A) 100. B) 0. C) 0.25. D) -4.
Which of the following is a way to tax leisure?
a. Tax complements to leisure. b. Subsidize substitutes to leisure. c. Increase income taxes. d. Tax unearned income.