Evidence suggests that income inequality in China is
A. increasing relatively rapidly.
B. decreasing relatively rapidly.
C. increasing relatively slowly.
D. decreasing relatively slowly.
Answer: A
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The term "business cycle" most closely refers to the
A) fluctuating profits of firms. B) fiscal year. C) accounting period used by firms. D) alternating periods of expansions and recessions.
The basic difference between macroeconomics and microeconomics is:
a. microeconomics concentrates on individual markets while macroeconomics focuses primarily on international trade. b. microeconomics concentrates on the behavior of individual consumers while macroeconomics focuses on the behavior of firms. c. microeconomics concentrates on the behavior of individual consumers and firms while macroeconomics focuses on the performance of the entire economy. d. microeconomics explores the causes of inflation while macroeconomics focuses on the causes of unemployment.
When the market for a good is in equilibrium,
a. consumer surplus will equal producer surplus. b. the total value created for consumers will equal the total cost of production for business firms. c. all units valued more highly than the opportunity cost of production will be supplied. d. all units that have value will be produced, regardless of their cost of production.
Which of the following does not explain why the Glass-Steagall regulations lost their effectiveness?
A. Over time, nonbank financial firms were able to borrow directly from the public, rather than having to borrow from commercial banks. B. With the advent of new financial instruments, regulated banks lost business to unregulated institutions, and credit began to flow through unregulated systems. C. As regulations became too successful, people wanted to eliminate these regulations in order to pursue the magic of the free market. D. The Federal Reserve created regulations that ran counter to what the government was trying to do.