Most of Europe has relatively _______ inequality, and much of Latin America and southern Africa has relatively _________ inequality.
A. low; low
B. high; high
C. high; low
D. low; high
D. low; high
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We use a two-period model because
A) the business cycle has two phases: contraction and recovery. B) it is the simplest dynamic model. C) we want to make a distinction between young and old households. D) this is the horizon of the politicians that formulate policy.
Say's Law
a. cannot be satisfied if there is excess supply or demand in individual markets in the long run b. ensures that every firm will sell all of its output c. can be satisfied even if there is a general overproduction or underproduction of goods in the economy d. is satisfied only if every market clears in the short run e. shows that the total value of spending in the economy will equal the total value of the output produced
The Federal Reserve began paying interest on reserves in 2008
Indicate whether the statement is true or false
the solutions to the principal-agent problem ensures that the firm is operating
What will be an ideal response?