In terms of the competing claims of equality and efficiency, in the United States we have
a. chosen greater wage inequality for lower unemployment.
b. chosen higher unemployment for less wage inequality.
c. both greater wage inequality and higher unemployment.
d. not faced a trade-off between wage inequality and unemployment.
e. been able to choose both less wage inequality and lower unemployment.
a
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Free riders enjoy:
A. negative externalities from others' choices to pay for a good. B. positive externalities from others' choices to pay for a good. C. positive externalities transferred from consumers who receive subsidies. D. positive externalities from a good they choose to buy themselves.
If a monopolistically competitive firm's demand curve is shifting left, it will stop shifting when:
A. the price is the same as what a perfectly competitive firm's price would be. B. the price is equal to the firm's marginal cost. C. the price is equal to the firm's average total cost. D. there is no deadweight loss.
Vault cash is equal to $2 million, deposits by depository institutions at the central bank are $1 million, the monetary base is $15 million, and bank deposits are $35 million. Currency held by the nonbank public is
A. $12 million. B. $15 million. C. $20 million. D. $3 million.
The Fed's response to the zero lower bound problem was quantitative easing (or "QE"), where the Fed buys large amounts of bonds in order to:
A. Lower the interest rates B. Increase banks' reserves C. Lower bond prices D. Reduce money supply