During the 1960s, most economists believed that expansionary macro-policy
a. that caused inflation would permanently reduce unemployment.
b. that caused inflation would permanently increase unemployment.
c. could not be utilized to reduce unemployment.
d. did not affect inflation.
A
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Overproduction compared to the efficient amount implies that for the last unit produced
A) marginal social benefit exceeds marginal social cost. B) marginal social benefit equals marginal social cost. C) marginal social cost exceeds marginal social benefit. D) the deadweight loss is zero.
The free entry and exit of firms in a competitive price-searcher market guarantees that
a. both economic profits and economic losses can persist in the long run. b. both economic profits and economic losses disappear in the long run. c. economic profits, but not economic losses, can persist in the long run. d. economic losses, but not economic profits, can persist in the long run.
The accumulation of machinery and buildings used in the production of new goods and services is referred to as
a. production factors. b. output factors. c. capital. d. equity.
An increase in the demand for musicians ________ the number of musicians employed, and ________ the wages paid to musicians.
A. increases; increases B. increases; decreases C. decreases; increases D. decreases; decreases