Fiscal and monetary policies are most effective in reducing inflation when the aggregate
A. Supply curve is horizontal.
B. Supply curve is upward-sloping but not vertical.
C. Supply curve is vertical.
D. Demand curve is vertical.
Answer: C
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One desirable aspect of having multiple levels of government is that numerous small governments _____
a. leads to a prisoners' dilemma b. allows for the possibility of intergovernmental competition c. affect the optimal size of the sharing group d. demonstrate how effective the federal government is at what it does
The U.S. tax code
a. all of the reasons given as answers b. to social engineer c. to raise revenue for government spending d. is used to help politicians get elected.
If the economy is producing a combination of goods inside its production possibilities frontier, then
a. workers are on vacation b. a significant number of workers have little education c. some resources are being wasted d. technology must improve before output can increase e. the opportunity cost of producing more output is greater than the value of the additional output that could be produced
According to 2014 data on the U.S. population, which of the following groups of teenagers (ages 16-19) had the lowest labor-force participation rate?
a. white males b. white females c. black males d. black females