Since 1970, the U.S. economy has experienced ________ period(s) of high inflation.
A. 1
B. 2
C. 3
D. 4
Answer: B
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Which of the following statements is true?
A) Economic growth always reduces poverty. B) Economic growth is ineffective in reducing both poverty and inequality. C) Economic growth always reduces inequality. D) Economic growth can reduce poverty only if it is not associated with a significant rise in inequality.
If property rights are not clearly defined and enforced, then
A) incentives for specialization based on comparative advantage are weakened. B) some potential gains from specialization and trade are lost. C) resources are devoted to protecting possessions rather than to production. D) All of the above answers are correct.
Suppose a person cashes his payroll check and holds all the funds in the form of currency. Everything else held constant, total reserves in the banking system ________ and the monetary base ________
A) remain unchanged; increases B) decrease; increases C) decrease; remains unchanged D) decrease; decreases
Which of the following formulas represents the marginal rate of technical substitution of labor for capital?
A. MPK/MPL B. -?L/?K C. ?K/?L D. MPL/MPK