The time, money, and effort one has to spend managing cash in the face of inflation is referred to as:
A. tax distortions.
B. the velocity of inflation.
C. shoe-leather costs.
D. menu costs.
Answer: C
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GDP is used in the __________ to __________
a. long run; alert us to recessions b. short run; alert us to recessions c. long run; gauge the success of monetary policy d. short run; measure changes in the standard of living e. short run; check for inflation
Both the marginal cost and the average variable cost curves are U-shaped. At the minimum point on the average variable cost curve, the marginal cost must be:
A. greater than the average variable cost. B. less than the average variable cost. C. equal to the average variable cost. D. at its minimum.
An efficient tax system should have
a. horizontal equity b. a broad base c. a small number of rates, or brackets d. few exemptions e. all of the above
Which federal agency would handle claims of workplace discrimination?
a. north american employment equality agreement b. general agreement of tariffs and trade c. equal employment opportunities commission d. fair employment practice commission