Critics of minimum-wage legislation argue that it:
A. keeps inefficient producers in business.
B. reduces employment.
C. undermines incentives to work.
D. is deflationary.
Answer: B
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The fundamental goal of economics is to
A. provide all people with five yachts and two automobiles. B. redistribute income and eliminate poverty. C. reduce unemployment so that welfare payments are not necessary. D. learn to handle the scarcity of virtually all resources.
Assuming that, over a given period, the value of transactions in current dollars is $8 trillion and the money stock is $500 billion. What is the transaction velocity of money?
a. .0625 b. 12 c. 16 d. None of the above
Which of the following was not an industry the government has used the Sherman Act to break up because it was a monopoly?
A. Aluminum B. Oil C. Railroad D. Technology
Which of the following occurs when consumers decide to save every penny of a tax cut, knowing that this tax cut must be financed by future tax increases?
A. Keynesian offset B. Ricardian equivalence C. Fiscal balancing D. Animal spirits