Life cycle patterns create substantial inequality across age groups
Indicate whether the statement is true or false
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When economists compare monopoly to the monopolistic competitive market, they show that the latter generates
a. fewer choices for consumers b. higher prices for consumers c. higher economic profit (the sum of the economic profit of all firms) d. less output because monopolies are more efficient e. lower prices for consumers
Which of the following contributed the most to the economic stability and strong growth of real GDP during the 1980s and 1990s?
a. the rapid growth of government expenditures throughout most of the period b. congressional policies that persistently balance the budget c. modifications in fiscal policy that stimulated aggregate demand during economic slowdowns and restrained it during periods of economic boom d. Federal Reserve policies that kept the inflation rate low and relatively stable
Policies that reduce the time it takes unemployed workers to find new jobs
a. can reduce both frictional unemployment and the natural rate of unemployment. b. can reduce frictional unemployment, but they cannot reduce the natural rate of unemployment. c. cannot reduce frictional unemployment, but they can reduce the natural rate of unemployment. d. cannot reduce either frictional unemployment or the natural rate of unemployment.
If a society's consumption possibilities are identical to its production possibilities that society has
A. a two-person economy. B. a free trade policy. C. a closed economy. D. an open economy.