"Unemployment will decrease because the economy is on an upward swing" is an example of a positive statement
Indicate whether the statement is true or false
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Suppose the supply of apartments in Minneapolis is perfectly elastic. The effect of a $100 per month tax on all apartments is that
A) landlords pay none of the tax and there is a surplus of apartments. B) landlords pay all of the tax and suffer all of the deadweight loss. C) landlords pay all of the tax and no changes take place in the quantity of apartments supplied. D) renters pay all of the tax. E) the government collects no tax revenue because the supply is perfectly elastic.
Stagflation is defined as:
a. decreased output accompanied by a higher price level. b. decreased output accompanied by a lower price level. c. increased output accompanied by a lower price level. d. increased output accompanied by a higher price level. e. stagnation in the rate of inflation.
Large corporations, such as Ford and IBM, are owned by ______.
a. a few rich individuals b. millions of different stockholders c. the federal government d. five large banks
Which measure of money would we most likely use if we were interested in looking at saving in the economy?
A. Hard money B. M2 C. M1 D. Reserves