A stable rule of law
A) invariably turns losses into profits.
B) allows people to cooperate more effectively with one another.
C) converts price searchers into price takers.
D) renders the law of comparative advantage ineffective.
B
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Starting from long-run equilibrium, a large tax increase will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. recessionary; lower; potential B. expansionary; lower; potential C. expansionary; higher; potential D. recessionary; lower; lower
Under the flexible exchange rate system, when a country tries to stimulate economic growth and improve its employment rates, it is likely to cause:
a. the domestic inflation rate to rise and the domestic currency to depreciate. b. the domestic inflation rate to rise and the domestic currency to appreciate. c. the domestic inflation rate and the value of the domestic currency to remain constant. d. the domestic inflation rate to fall and the domestic currency to appreciate. e. the domestic inflation rate to fall and the domestic currency to depreciate.
How is it established that someone is "actively looking for work" in order to count her as unemployed?
A. She must provide copies of all of her job search-related correspondence B. She must have taken some action to find a job in the last four weeks C. She must say that she would be willing to take a job if offered one D. She must have gone on at least one job interview in the past year
What are four characteristics of pure competition?
What will be an ideal response?