According to Kuznets, in the process of development inequality in an economy will normally
a. first rise and then fall.
b. first fall and then rise.
c. remain about the same.
d. show no definite pattern.
Ans: a. first rise and then fall.
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Since the 1970s, unemployment rates in the United States have generally been
A. lower than in Europe. B. higher than in Europe. C. about the same as in Europe. D. not compared to Europe, since unemployment is not present in Europe.
Hyperinflation is defined as periods of
A) inflation over 25 percent per year B) negative price changes. C) low inflation. D) inflation over 50 percent per month. E) inflation under 10 percent per year.
In an economy where actual real GDP is always equal to the natural real GDP, inflation
A) settles down to zero percent. B) is at the same rate as GDP growth. C) is constant at a rate that can be low or high. D) fluctuates around an average of zero percent.
Negative externalities impose most of their costs:
a. directly on consumers of polluting processes. b. whenever individual health is harmed in the production process. c. only in large cities. d. on individuals other than consumers of the polluting product.