Fiscal policy time lags tend to be
A. variable, between one and three years.
B. constant, always thirteen months long.
C. variable, between one and three weeks.
D. variable, between one and three months.
Answer: A
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Assume that an association of young workers has lobbied Congress to require that all workers retire once they reach the age of fifty. What impact would this law have on the nation's production possibilities frontier?
A) no impact at all B) The level of unemployment would decrease so the production possibilities frontier would shift outward. C) The nation would move to a new position on its production possibilities frontier but the frontier itself would not shift. D) The production possibilities frontier would shift inward. E) The number of young workers would increase so the production possibilities frontier would shift outward.
Once production has reached the maximum average product of labor, if production increases then
A) average fixed cost rises. B) total costs decrease. C) total product decreases. D) decreasing marginal returns occur. E) the plant size must be increased.
Well-run financial markets:
A. are usually the result of little or no government regulation B. ensure that resources are allocated efficiently C. keep transactions costs high to benefit brokers D. prevent the widespread pooling of information
In the 1990s, what reduced the barriers to entry in the local telephone market?
(A) The end of a twenty-year patent on telephone technology. (B) The deregulation of the local telephone industry. (C) The rising popularity of cellular phones. (D) The licensing of new, smaller phone companies.