The Full Employment and Balanced Growth Act of 1978 set the target unemployment rate for the United States economy at 4 percent
a. True
b. False
A
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In economics, resources are also known as
A) minerals. B) factories. C) factors of production. D) human capital.
Unemployment compensation is an example of a(n):
a. discretionary stabilizer. b. countercyclical stabilizer. c. procyclical stabilizer. d. seasonal stabilizer. e. automatic stabilizer.
Assume that the United States uses 20 worker-hours to produce 1 computer and 5 worker-hours to produce 1 unit of food; assume also that Japan uses 10 worker-hours to produce 1 computer and 30 worker-hours to produce 1 unit of food. Which of the following statements is true?
a. Japan has the comparative advantage in food production. b. The United States has the comparative advantage in food production. c. The United States has the absolute advantage in food production. d. The United States has a lower opportunity cost for making computers. e. Japan has a lower opportunity cost for making food.
Discuss the three principles of equity applied to taxation in the text