The rate of unemployment is a topic of microeconomics.
Answer the following statement true (T) or false (F)
False
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The authors of the text suggest that a comprehensive personal income tax with few loopholes would be efficient and equitable. What is their reasoning for this statement?
The first three elements of a financial crisis are correctly represented as taking place in the following order:
a. large decline in some asset prices ? insolvencies at financial institutions ? decline in confidence in financial institutions b. insolvencies at financial institutions ? decline in confidence in financial institutions ? large decline in some asset prices c. insolvencies at financial institutions ? economic downturn ? credit crunch d. insolvencies at financial institutions ? credit crunch ? economic downturn
Which of the following statements best describes the price, output, and profit conditions of monopolistic competition?
a. Price will equal marginal cost at the profit-maximizing level of output; profits will be positive in the long-run. b. Price will always equal average variable cost in the short run and either profits or losses may result in the long run. c. Marginal revenue will equal marginal cost at the short run, profit-maximizing level of output; in the long run, economic profit will be zero. d. Marginal revenue will equal average total cost in the short run; long-run economic profits will be zero.
The government spending multiplier is likely to be ________ during periods of high output and low unemployment.
A. smaller B. larger C. zero D. infinite