If a supply-side economist were to make a suggestion to stimulate economic activity, which of the following policies would she NOT suggest?
A. An elimination of the corporate income tax
B. An elimination of the minimum wage
C. A repeal of regulations on business
D. The creation of employer-mandated benefits
Answer: D
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Amy can produce either 5000 pounds of cheese or 20 cars per year. Mike can produce either 5000 pounds of cheese or 10 cars per year. Mike's opportunity cost of producing one pound of cheese is ________ car(s).
A. 1/500 B. 500 C. 1/250 D. 1/10
When there is a recessionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; decline B. increase; raise; decline C. decline; lower; expand D. decline; raise; decline
The circumstance in which financial assets are traded freely between countries is referred to as ________
A) purchasing power parity B) capital mobility C) free trade D) asset appreciation
A higher GDP per capita may not mean that the quality of life has really improved because:
A. It measures wealth not income B. It measures Gross Domestic Product C. It does not measure the quality of the items produced D. It is only measured every five years