According to the quantity theory:
A. unemployment is everywhere and always a monetary phenomenon.
B. the equation of exchange does not hold true.
C. inflation is everywhere and always a monetary phenomenon.
D. real output is everywhere and always a monetary phenomenon.
Answer: C
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The United States Post Office
A) has a monopoly in the provision of first-class mail service. B) can safely ignore the prices for mail services charged by its rivals such as FedEx and UPS. C) is an example of a monopoly that results from the ownership of a key resource: first class mail service. D) faces no competition for its mail services.
The difference between a change in quantity demanded and a change in demand is that
a. a change in demand is in response to a price change b. a change in quantity demanded occurs when income changes c. the demand curve shifts when there is a change in quantity demanded but not when demand changes d. a change in quantity demanded results from a price change but other factors cause a change in demand e. a change in demand occurs after a change in supply
Despite some problems with equating GDP with economic well-being, higher real GDP per person does imply greater economic well-being because it tends to be positively associated with:
A. better education, health and life expectancy. B. poverty, depletion of nonrenewable resources, and congestion. C. crime, pollution, and economic inequality. D. unemployment, availability of goods and services, and better education.
Which of the following is not a lagging indicator?
a. Duration of unemployment. b. Stock prices. c. Outstanding commercial and industrial loans. d. Prime rate.