Recall the Application about cultural factors in England and their relevance to the Industrial Revolution to answer the following question(s). According to the Application, the differential survival of the wealthy created an environment:
A. which allowed for economic growth.
B. which caused increased class warfare.
C. where lower-class people could no longer afford to live in the country.
D. that directly led to the demise of the British monarchy.
Answer: A
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The Phillips curve is a negative empirical relationship between
A) bond prices and interest rates. B) unemployment and output. C) inflation and the real interest rate. D) unemployment and inflation.
Electronics wastes are a potential problem because
a. recovery rates have been declining b. consumption of electronics products and hence waste generation are rising over time c. some contain toxic materials d. all of the above e. (b) and (c) only
According to the Coase theorem, private parties can solve the problem of externalities if
a. the cost of bargaining is small. b. the initial distribution of legal rights favors the person being adversely affected by the externality. c. the number of parties involved is sufficiently large. d. All of the above are correct.
Which of the following fiscal policy actions would most likely cause a reduction in the size of an inflationary gap?
A. cuts in taxes B. increases in taxes C. cuts in taxes and increases in government spending D. increases in government spending