The years 2002 through 2007 can be described as a period of
a. falling output accompanied by increasing inflation.
b. falling output accompanied by decreasing inflation.
c. rising output accompanied by increasing inflation.
d. rising output accompanied by decreasing inflation.
c
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In economic theory, an unemployment rate of _________ considered desirable
a. 5 percent or less b. 9 to 10 percent c. Under 12 percent d. 18 percent
Direct controls are considered inefficient because all firms are forced to pay the same costs
a. True b. False Indicate whether the statement is true or false
Excise tax is considered ______ because lower earners pay a ______ percentage of their income for this type of tax.
a. progressive; higher b. regressive; lower c. regressive; higher d. progressive; lower
When the labor market is in equilibrium so that the quantity of labor supplied equals the quantity demanded,
A) there is no unemployment. B) the economy is at full employment. C) nominal GDP equals real GDP. D) there is no inflation. E) real GDP might be more than, less than, or equal to potential GDP.