Which of the following is not correct?
a. Poverty is long-term problem for relatively few families.
b. Measurements of income inequality usually do not include in-kind transfers.
c. Measurements of income inequality use lifetime incomes rather than annual incomes.
d. Measurements of income inequality would be more meaningful if they reflected permanent rather than current income.
c
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In 1939 the U.S. economy was operating at point ________.
A. A
B. B
C. C
D. D
If regulators require a monopoly to earn zero economic profit, the monopoly will produce the quantity where
a. the marginal cost curve crosses the average cost curve. b. the marginal cost curve crosses the demand curve. c. the average cost curve crosses the demand curve. d. the marginal cost curve crosses the marginal revenue curve.
An economy with an expansionary gap will, in the absence of stabilization policy, eventually experience a(n) ________ in the inflation rate, leading to a(n) ________ in output.
A. decrease; increase B. increase; increase C. decrease; decrease D. increase; decrease
Which one of the following macroeconomic theories is most closely associated with the Laffer curve?
A. Monetarism B. New classical economics C. Keynesian economics D. Supply-side economics