Which aspect of undeveloped labor markets causes unemployment in undeveloped labor markets to be misunderstood?
a. higher inflation rates
b. greater government control
c. barter and trade economies
d. agricultural economies
c. barter and trade economies
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A specialized worker doesn't spend time switching from one task to another. This source of productivity increase is called
A) functionality. B) continuity. C) innovation. D) repetition.
One disadvantage of a fixed exchange rate system compared to a floating or managed float exchange rate system is
A) it more difficult for central banks to control inflation. B) it does not allow for government intervention. C) it can worsen inflation if domestic prices of imports rise quickly. D) it eliminates the possibility of depreciation during a recession.
Which of the following statements indicates the idea of trade-offs?
A) "There is no such thing as a free lunch." B) "The devil made me do it." C) "You've got me under your spell." D) "Always give it the best that you can."
The President of Vulcan hires you as an economic consultant. He is concerned that the output level in Vulcan is too high and that this will cause prices to rise. He feels that it is necessary to reduce output by $10 billion. He tells you that the MPC in Vulcan is 0.6. Which of the following would be the best advice to give to the Vulcan president?
A. increase taxes by $10 billion B. reduce government purchases by $10 billion C. reduce government purchases by $4 billion D. increase taxes by $2.5 billion