The poverty rate in the United States has __________ over the last 30 years.
A. remained the same
B. increased
C. decreased
D. not been accurately measured
C. decreased
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Positive externalities ______
a. are not important economically b. should be reduced through subsidiziation c. are undersupplied by unfettered markets d. can be ignored
At the profit-maximizing level of output,
a. marginal revenue equals average total cost. b. marginal revenue equals average variable cost. c. marginal revenue equals marginal cost. d. average revenue equals average total cost.
Choose the letter of the diagram in Figure 3.1 that best describes the type of shift that would occur in each situation for the market listed on the left, ceteris paribus. Figure 3.1 Shifts of Supply and Demand Steel: the government introduces environmental restrictions on the dumping of wastes from producing steel.
A. A. B. B. C. C. D. D.
The short-run Phillips curve suggests what policy making implications?
A. Active policy making does not yield any predictable results. B. Passive policy making is more effective than active policy making. C. Maintaining both the inflation and unemployment rates at low levels is possible if policy makers will rely solely on nondiscretionary policy making. D. Using discretionary policies, it may be possible to achieve just the right unemployment and inflation mix.