Which of the following statements are false?
A. If the CPI has gone up since the base year, inflation has occurred.
B. Inflation generally occurs before wars.
C. A period of great price stability since World War II was 1958 to 1964.
D. Inflationary recessions first occurred in the 1970s.
B. Inflation generally occurs before wars.
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Political creative destruction is likely to be opposed:
A) equally in all types of economies. B) more in a market economy than in a command economy. C) more in an economy with inclusive institutions than in an economy with extractive institutions. D) less in an economy with inclusive institutions than in an economy with extractive institutions.
An illegal market in which the price exceeds a legally imposed price ceiling is called a
A) shortage market. B) surplus market. C) black market. D) fair market. E) subsidized market.
Which of the following taxes causes the greatest shift of the Lorenz curve toward the line of equality?
A) proportional income tax B) regressive income tax C) flat-rate income tax D) progressive income tax
According to proponents of behavioral economics, because every possible choice cannot be considered, an individual will tend to fall back on methods of making decisions that are simpler than trying to sort through every single possibility, known as
A) rules of thumb. B) rational options. C) irrational choices. D) normative decisions.