Unemployment compensation is an example of a(n) ______.
a. automatic stabilizer
b. index
c. sacrifice ratio
d. positive supply shock
a. automatic stabilizer
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Malthus's gloomy economic outlook for humankind is based on the following principle: a. Population, when unchecked, increases at a faster pace than the production of output
b. Population grows at a slower pace than the production of output. c. Resources grow faster than humankind can reproduce itself. Therefore, humankind can never take full advantage of available resources. d. Resources and population grow at constant percentage rates, but political divisions prevent an equitable division of world output.
Other things equal, a reduction in personal income taxes will decrease consumption and will have an expansionary effect on real GDP
a. True b. False Indicate whether the statement is true or false
The government would want the economy to contract when real GDP is
A. Above potential GDP and the price level is falling B. Below potential GDP in the price level is falling C. Above potential GDP and the price level is rising
Which of the following does not have the power to set prices?
A.) A duopoly. B.) A monopoly. C.) An oligopoly. D.) A perfect competitor.