In economics, how long is the long run?
A. whatever time it takes a firm to vary all inputs
B. more than 20 years
C. 1 year or longer
D. 24 months or longer
Answer: A
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As measured, GDP omits which of the following?
i. Illegal sales of goods and services ii. Changes in the amount of leisure time iii. Household production of goods and services A) i and ii B) ii and iii C) i only D) i, ii, and iii E) i and iii
Under a progressive income tax system, the marginal income tax rate paid by taxpayers
A) declines as their incomes increase. B) rises as their incomes increase. C) is unchanged as their incomes increase. D) is unrelated to their incomes.
In 2010 the U.S. economy's inflation rate was higher than its unemployment rate
a. True b. False Indicate whether the statement is true or false
YearCPI200594200699200710020081042009117Using the information in the table shown, what can be said about the rate of inflation?
A. Deflation occurred until 2009, then inflation occurred. B. Inflation was the largest from 2005 to 2006. C. Deflation occurred before 2007, then inflation occurred. D. Inflation occurred every year from 2005 to 2009.