Which of the following is the broadest based price index?
A. the consumer price index
B. the producer price index
C. the implicit price deflator
D. the personal consumption expenditures price index
Ans: C. the implicit price deflator
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Which of the following is not true of a recession?
a. The economy is overheated. b. Cyclical unemployment is high. c. Unemployment is caused by insufficient spending. d. If the economy is in equilibrium, the aggregate expenditure line is too low to create an intersection at the full-employment level. e. If employers hired more workers to reduce unemployment, they would be unable to sell all the extra output those workers would produce.
Employment discrimination leads to the _________________ of labor.
Fill in the blank(s) with the appropriate word(s).
One effect of an unexpected rise in inflation is that wealth is redistributed from:
A. borrowers to lenders. B. lenders to borrowers. C. young people to old people. D. government to firms.
Which of the following are considered market failures?
A. Monopoly. B. Externalities. C. The lack of public goods and services. D. All of the choices are considered market failures.