Addressing the natural rate of unemployment is
a. straightforward in theory but difficult in practice.
b. straightforward in theory and in practice.
c. difficult in theory and in practice.
d. straightforward in practice but difficult in theory.
c. difficult in theory and in practice.
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The First Welfare Theorem states that, invariably, a competitive market results in an efficient allocation of resources and thus maximizes social surplus. ?
Answer the following statement true (T) or false (F)
The principle of vertical equity is satisfied when _____
a. individuals with a greater ability to pay have higher taxes than individuals with a lower ability to pay b. individuals receiving higher benefits from a government program pay higher taxes than those receiving lower benefits c. taxes increase as family size increases d. taxes on higher income individuals are more efficient than the taxes on lower income individuals
All of the following are characteristics of an oligopolistic market EXCEPT
A) firms must consider the actions of their rivals. B) cartels eventually form to keep prices high. C) firms have the ability to influence prices. D) firms earn lower profits than a monopoly.
Related to the Economics in Practice on page 51: The Amazon Kindle and the electronic textbooks available for the Kindle are complementary goods. Electronic textbooks and traditional, hard-copy textbooks are substitute products. If the price of electronic textbooks for the Kindle decreases,
A. demand for the Kindle increases, demand for electronic textbooks increases, and demand for traditional, hard-copy textbooks decreases. B. the quantity of Kindles demanded increases, demand for electronic textbooks increases, and the quantity of traditional, hard-copy textbooks demanded decreases. C. demand for the Kindle increases, the quantity of electronic textbooks demanded increases, and demand for traditional, hard-copy textbooks decreases. D. demand for the Kindle decreases, the quantity of electronic textbooks demanded increases, and demand for traditional, hard-copy textbooks decreases.