During a recession, a rising unemployment rate is
a. rare
b. stimulating higher levels of inflation
c. predicted by the classical model
d. the basis for a new economics expansion
e. almost inevitable
E
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Which of the following groups are typically harmed by unexpected inflation?
a. lenders b. borrowers c. pensioners on fixed incomes d. both (a) and (c).
The taxation principle that says people with equal incomes should pay equal taxes is called
A. Vertical equity. B. A progressive tax system. C. Horizontal equity. D. A regressive tax system.
When the Continental Congress issued currency to finance the Revolutionary War, the Continental Congress:
A. tied the value of the "continental" to gold. B. made "continentals" legal tender. C. issued too many "continentals," eventually making the currency worthless. D. tied the value of the "continental" to gold to French "assignats."
A cooperative game is
A) companies colluding in order to make higher than competitive rates of return. B) the manner in which one oligopolist reacts to a change in price made by another oligopolist in the industry. C) a game in which firms will not negotiate in any way. D) when plans made by firms are known as game strategies.