In a debate on the state of the economy Senator X pointed out that the unemployment rates for teenagers, blacks, and hispanics had increased over the last year, while Senator Y stated that the unemployment rate in the United States was at its lowest level in more than 30 years. In this example, aggregate data is being used by:
A. neither senators
B. both senators
C. senator X
D. senator Y
Answer: D
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The main goal of fiscal policy should always be to
a. generate a budget deficit. b. balance the budget. c. balance C + I with government spending. d. balance aggregate demand with aggregate supply.
Which would you rather have? a) $100, 10 years from now at 4% interest, or b) $100, 4 years from now at 12% interest.
What will be an ideal response?
To maximize profit, an unregulated natural monopoly will produce at a level where:
A. marginal revenue is greater than marginal cost. B. marginal revenue is greater than average revenue. C. marginal revenue is less than marginal cost. D. marginal revenue is equal to marginal cost.
Monopolistically competitive firms ________ because in long-run equilibrium price is ________ marginal cost.
A. prevent the efficient use of resources; greater than B. use resources efficiently; greater than C. use resources efficiently; equal to D. prevent the efficient use of resources; less than