Which of the following statements about a price system is TRUE? I. Prices ration goods and services. II. Prices indicate relative scarcity
A) I only
B) II only
C) Both I and II
D) Neither I nor II
C
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"U.S. exports will increase as a result of joined CAFTA," is an example of a ________ statement, while "The U.S. should join CAFTA," is an example of a ________ statement.
A. structural policy; fiscal policy B. positive; normative C. normative; positive D. monetary policy; fiscal policy
The recession of 1990-1992 ________ the trend set over 1965-1990 of ________ unemployment rates at each successive cyclical trough
A) continued, lower B) continued, higher C) broke, lower D) broke, higher
Hughes and Cain (2011) give some credit to which of the following factors for the 1860–1910 increase in the number of people employed, shorter work days and higher real incomes?
(a) A decrease in the number of immigrants (b) A closed economy with no imports coming into or exports going out of the U.S. (c) Mechanical power and capital accumulation (d) All of the above
Flat tax critics
A. Object to the elimination of tax deductions and credits. B. Believe it would reduce vertical inequities. C. Object to the government control over the mix of output that it would cause. D. Believe it would reduce horizontal inequities.