Inflation is an increase in:
a. prices of all products in the economy.
b. homes, autos and basic resources.
c. the general price level of products.
d. none of these.
c
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When government mandates participation in a program to solve an information asymmetry problem, it is trying to prevent:
A. moral hazard. B. adverse selection. C. building a reputation. D. illegal screening.
Rapid population growth leads to age dependency which refers to:
a. a reduction in the amount of capital per worker, which lowers the productivity of labor. b. shifts in government expenditures from the country's infrastructure to education and health care. c. a large number of dependent children whose consumption requirements lower the ability of the economy to save. d. high mortality rates of middle-aged workers that reduces the average amount of investment spending. e. survival of the elderly who are dependent on government welfare support.
The poor in the United States are disproportionately people who
a. have less than a high school education b. have incomes that are essentially nonwage incomes c. are poor white women d. are families with over 5 children e. live in cities
Open economies grow more slowly than closed economies
Indicate whether the statement is true or false