The Index of Economic Freedom measures the market concentration in an economy
a. True
b. False
Indicate whether the statement is true or false
False
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In the above table, the average total cost of producing 14 units of output is
A) $5.71. B) $6.75. C) $7.00. D) $7.86.
In the long run, ________ differences in economic growth rates result in ________ differences in GDP per capita
A) small; no B) small; large C) large; no D) large; small
Suppose the base year of the CPI is 2010, and the CPI calculated for 2012 was 102. What is the correct interpretation of this number?
A. Average prices in the economy have increased by 102 % since 2010. B. Average prices in the economy have increased by 1.9 % since 2010. C. The cost of living for a typical consumer is 2 % higher than it was in 2010. D. The average goods of all consumers has risen an average of 2 % from 2010 to 2012.
"The dramatic reduction of the money supply during the 1930s was responsible for the Great Depression. The macroeconomy is intrinsically stable if left alone by the prying hand of government. The Federal Reserve Board, instead of tightening money during booms and loosening money during recessions (policies that are ineffective due to time lags), should simply increase the supply of money at a
steady rate of 3 to 5 percent per year.". This statement reflects which school of thought? a. The traditional Keynesians b. The monetarists c. The traditional classicals d. The new Keynesians e. The new classicals