Behavior on the part of the firm that allows it to comply with the law but violate the spirit reducing the law's effect is
A. a creative response.
B. the lemons problem.
C. a positive-sum effect.
D. a dominant strategy.
Answer: A
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According to economists Robert Lucas and Thomas Sargent, when are the gains to accurately forecasting inflation highest?
A) when inflation is high and stable B) when inflation is moderate but stable C) when inflation is high and unstable D) when inflation is low
Absorption refers to
A) the total amount of imports purchased by a country. B) the net amount of imports purchased by a country. C) total spending by domestic residents, businesses, and governments. D) GDP less desired consumption, desired investment, and government purchases.
Which of the following statements correctly describes international trade in accordance with comparative advantage?
a. Trade is impossible unless there exists a purely competitive market for foreign exchange. b. Trade makes all the citizens of the trading countries better off, which is a clear example of a Pareto improvement. c. Trade may well make some citizens in each trading country worse off. d. Trade requires the judicious application by government of tariffs and quotas in order to discourage production according to comparative disadvantage. e. Trade requires that the economies of the trading partners be of roughly equal size (United States versus Andorra just does not work).
In 2014, the Italian adult non-institutionalized population was 38.8 million, the labor force was 25.4 million, and the number of people employed was 22 million. According to these numbers, the Italian labor-force participation rate and unemployment rate were about
a. 65.5% and 13.4% b. 65.5% and 8.8% c. 56.7% and 13.4% d. 56.7% and 8.8%