Who is least likely to be hurt by unanticipated inflation?
A. A disabled laborer who is living off accumulated savings.
B. An owner of a small business.
C. A secretary.
D. A pensioned steelworker.
B. An owner of a small business.
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Rent controls primarily benefit
A) property owners. B) people looking for rental units. C) builders. D) people who already occupy rental units.
Rationality implies that in order to get what they want, people will spend the most time and effort
a. making private market decisions b. getting politically involved c. investigating political candidates' platforms d. debating social issues e. writing to Congress
An advantage of transfer payments over public works as a means of reducing unemployment is that transfer payments
a. provide more direct aid to those suffering most from unemployment. b. are unlikely to decrease unintended excess inventories of consumer goods. c. generate more secondary and tertiary employment. d. tend to have a larger multiplier effect.
When a purely competitive firm is in long-run equilibrium, it is said to achieve allocative efficiency because:
A. Total revenue is at a maximum B. Marginal cost equals marginal revenue C. Average cost equals marginal cost D. Average cost is at a minimum