Unemployment was fairly low during all of the following periods except
A. The late 1990s.
B. The Great Depression.
C. World War II.
D. The Korean War.
Answer: B
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In building an economic model, variables that will be explained by the model are referred to as ________ variables
A) exogenous B) endogenous C) fluctuating D) demonstrative
Natural monopolies are the natural result of:
A. competition in markets where economies of scale exist over the relevant range of output. B. geographical happenstance. C. fierce competition from firms in a market. D. government regulations intended to encourage competition.
The Laffer curve shows the relationship between tax
a. revenue and tax rates b. revenue and take-home pay c. revenue and government spending d. rates and take-home pay e. rates and government spending
Political candidates in a two-person race prefer to be viewed as occupying the center of the political distribution because
A) occupying the center is a sign of being a leader. B) political candidates usually prefer to maintain the status quo and the center is the status quo. C) the electorate is largely in the "wings" (extreme ends) of the political distribution. D) whoever comes closer to the center usually wins the election.