Government policies designed to equalize the distribution of economic well-being include (i) the welfare system (ii) unemployment insurance (iii) progressive income tax
a. (i) only
b. (ii) only
c. (i) and (ii) only
d. (i), (ii), and (iii)
d
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In the figure above, moving from production at point d to production at point a requires
A) technological change. B) a decrease in unemployment. C) decreasing the output of consumer goods in order to boost the output of capital goods. D) both capital accumulation and a decrease in unemployment.
Under a system of fixed exchange rates, what happens if a country's currency is undervalued?
A) The central bank loses official reserve assets. B) The central bank gains official reserve assets. C) The currency depreciates. D) The exchange rate falls.
Which of the following would be least likely to affect the supply of automobiles?
a. higher prices for steel and other resources used in producing automobiles b. a successful physical fitness plan encouraging Americans to walk rather than drive to their destinations c. a technological improvement reducing the production costs of automobiles d. increased wages for members of the United Auto Workers union
A perfectly competitive market usually achieves economic efficiency because
a. there are no barriers to entry b. there are no barriers to entry and all of the goods are perfect substitutes c. each of the firms in the industry are profit maximizers d. it is the most fair e. most buyers in the market have the same level of income