In a classic administrative snafu, the Army assigns trained classical musicians to kitchen duty and places trained cooks in the military band. This is an example of inefficiency in
A. output selection.
B. production planning.
C. product distribution.
D. market segmentation.
Answer: A
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Starting from long-run equilibrium, a large tax cut will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; higher B. expansionary; higher; potential C. recessionary; higher; potential D. recessionary; lower; lower
Historically, the largest U.S. federal budget deficits as a percentage of GDP since the beginning of the 20th century occurred during
A) the Great Depression. B) World War I and World War II. C) 1970-1997. D) 2007-2009.
The slope at any point on an indifference curve equals the absolute price at which a consumer is willing to substitute one good for the other
a. True b. False Indicate whether the statement is true or false
Which of the following is true of high and variable rates of inflation
What will be an ideal response?