Goods are distributed among people by means of:
a. a central authority
b. prices
c. markets
d. all of these
d
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Refer to Figure 17-9. A follower of the new classical macroeconomics would argue that ________ like that pursued by Paul Volcker in 1979, would result in a movement from C to A
A) expansionary fiscal policy B) expansionary monetary policy C) contractionary monetary policy D) contractionary fiscal policy
A tariff on imported goods produced by an unlimited industry could benefit the members of the domestic union since the tariff would most likely
A) lower the price of the output that workers purchase. B) lower the domestic production of the good and increase wages. C) increase the demand for domestic, union-made goods. D) decrease the cost of the imported goods.
Starting from long-run equilibrium, a large increase in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; potential B. recessionary; higher; potential C. recessionary; lower; lower D. expansionary; higher; higher
The percentage share of income of the top quintile on curve X is
A. 27.
B. 45.
C. 55.
D. 73.