The Bureau of Economic Analysis releases last quarter's growth rate in real GDP. This release would most likely have been written by what kind of an economist?
A. A monetary economist
B. A macroeconomist
C. A microeconomist
D. A labor economist
AACSB: Reflective Thinking
B. A macroeconomist
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Suppose the United States has a Gini coefficient of 0.4 and Sweden has a Gini coefficient of 0.25. Which of the following statements is true?
A) Income distribution is changing faster in the United States. B) The distribution of income is more equal in the United States. C) Without information on population, it is not possible to compare income distribution between countries. D) The distribution of income is more equal in the Sweden.
Government regulation of industry is designed to separate __________ from __________
a. profit maximization; efficiency b. efficiency; output c. price making; the firm d. monopolies; competitors e. bigness; profitability
Activities designed to convert resources into goods and services is known as
A) supply. B) consumption. C) production. D) scarcity.
Related to the Economics in Practice on p. 673: Protectionism of the kind that is suggested in the petition of the candle makers would most likely result in
A. more efficient production. B. lower prices. C. lower consumption. D. lower production cost.