When is the best time to pay down a nation’s debt?
a. during a recession when unemployment is high
b. during an economic expansion when the economy is at full employment
c. it is never a good time to pay down the national debt
d. any time is a good time to pay down the national debt
b. during an economic expansion when the economy is at full employment
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Suppose the following information is known about a market:
1. Sellers will not sell at all below a price of $2. 2. At a price of $10, any given seller will sell 10 units. 3. There are 100 identical sellers in the market. Assuming a linear supply curve, use this information to derive the market supply curve.
Which of the following is a partially valid economic argument for restricting free trade?
a. Restrictions on foreign trade will increase employment and permanently reduce unemployment. b. Infant industries may need temporary protection to develop and gain productive efficiency. c. A nation needs to protect its national defense; hence, it should restrict some products that threaten an industry considered vital to its defense. d. Both b and c are correct.
An abnormally large grain crop due to highly favorable weather conditions in the Midwest is an example of
a. a technological improvement that will increase long-run aggregate supply. b. a supply shock that will increase short-run aggregate supply. c. an unexpected development that will reduce the natural rate of unemployment. d. an unexpected development that will lead to excess supply and widespread unemployment.
The main proponent of the conservative view on poverty is
A. William Julius Wilson. B. Barbara Ehrenreich. C. Charles Murray. D. Nicholas Lemann.