Non-activists are most interested in
A) the short-run level of unemployment and the effectiveness of monetary policy.
B) the long-run consequences of policies.
C) the effectiveness of monetary policy and the short-run inflation rate.
D) the short-run rate of inflation and level of unemployment.
B
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Which of the following is true?
a. The size of the economic pie to be divided among a country's residents is fixed. b. Government tax and transfer programs have exerted a strong equalizing impact on the distribution of income in the United States. c. The method of allocating income is relevant to the issue of fairness as well as the pattern of income distribution. d. The optimal distribution of income can be determined by objective economic criteria.
Monopolistic competition may lead to each of the following except
A. excess capacity. B. over-differentiation. C. peak efficiency. D. non-price competition.
Purchasing power parity is criticized because it:
A. includes the trade in assets. B. uses the wrong basket of goods to compute purchasing power parity exchange rates. C. does not account for trade in assets. D. does not apply when exchange rates are flexible.
A subsidy:
A. All of these statements are true. B. is a requirement that the government pay an extra amount to producers or consumers of a good. C. is used by governments as an alternative to price controls to benefit certain groups without generating a shortage or a surplus. D. is used by governments to encourage the production and consumption of a particular good or service.