Alan Greenspan argued that a low, stable inflation rate was the best way to achieve
A. low unemployment.
B. low interest rates.
C. low, stable oil prices.
D. strong economic growth.
Answer: D
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If the Gini coefficient is greater for Zambia than for the Netherlands, we can conclude that the
A. Distribution of income in the Netherlands is closer to being equal than in Zambia. B. Distribution of income in the Netherlands is as equal as it is in Zambia. C. Distribution of income in the Netherlands is less equal than in Zambia. D. Relative distributions of income in the two countries are the same.
The government purchases component of aggregate demand includes
I. all purchases by government agencies of goods and services produced by firms. II. direct production by government agencies themselves. III. government expenditures on transfer payments. A) I only B) I and II only C) I and III only D) I, II, and III
A large aircraft manufacturer, like Boeing, may have a cost advantage over a new smaller manufacturer because of:
A. diseconomies of scale. B. economies of scale. C. diminishing returns to a fixed factor of production. D. the principal agent problem is generally less severe for larger firms.
The marginal products of the first, second, and third workers are 50, 34, and 22, respectively. If four workers can produce 116 units of output, then the marginal product of the fourth worker is
A. 10. B. 12. C. 22. D. 116.