Because there is a trade-off between inflation and unemployment in the short run,
a. lower unemployment will typically cause inflation to fall.
b. policies designed to reduce unemployment will typically set off a recession.
c. policies designed to reduce inflation will cause unemployment to fall as well.
d. higher inflation will generally be associated with higher unemployment.
e. lower inflation will generally be associated with higher unemployment.
e
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If a unit excise tax is placed on a good for which the demand is very unresponsive to a price change, then
A) the government generally pays the majority of the tax. B) the consumers generally pay the majority of the tax. C) the producers generally pay the majority of the tax. D) producers and consumers pay equal portions of the tax.
Which market type below is perceived as being the least competitive in mainstream economics?
(a) Perfect Competition; (b) Monopolistic competition; (c) Monopoly; (d) Oligopoly
Business cycle peaks are always followed by the _____ phase.
Fill in the blank(s) with the appropriate word(s).
The difference between the stock of inventories at the end of a specific period and the stock at the beginning of that period is equal to
A. production minus sales. B. production plus sales. C. production. D. sales.