Non-activists
A) distrust the ability of the political process to formulate sensible economic policy.
B) argue for a constant-growth-rate rule for the money supply.
C) argue that more unemployment now may prevent a lot more unemployment in the future.
D) All of the above.
D
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What two important functions are performed by the price system?
What will be an ideal response?
What is true only at the output level where price equals average total cost?
a. Marginal cost equals marginal revenue. b. Profit is maximized. c. Losses are minimized. d. Profit is zero. e. Cost is minimized.
In March 2015, many college students bet on the NCAA finals in dorm gambling pools. This is an example of
a. real vs. nominal GDP. b. the assumed value of household production. c. underground economic activity. d. the implicit value of leisure time. e. a "bad" versus a "good."
Which is the most accurate statement?
A. Our trade problems with China are very similar to our trade problems with Japan. B. Our trade deficit with China in the 1990s grew much faster than our trade deficit with Japan. C. We import most of our oil from Japan and China. D. Japan is the dominant trading partner with the U.S.