In the United States, money supply is most commonly referred to as ________
A) M1 B) M2 C) M3 D) M4
B
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The lack of a long-run tradeoff between the unemployment rate and the inflation rate means that
A) the natural unemployment rate cannot change. B) only a decrease in the inflation rate would bring a reduction in the natural unemployment rate. C) only fiscal policy is effective to lower the natural unemployment rate. D) only monetary policy is effective to lower the natural unemployment rate. E) an increase in the inflation rate would not bring a reduction in the natural unemployment rate.
Partial equilibrium is
A. exactly like general equilibrium. B. studying only the supply side of the market. C. studying individual markets. D. examining the demand side of the market.
Affirmative action programs,
a. according to critics, are clearly quota systems that lead to reverse discrimination. b. according to supporters, make efforts to find qualified minorities and women and hire them. c. according to critics, clearly lead to the hiring of unqualified people and thus reduce efficiency. d. All of the above are true.
Explain why greater equality is inevitably gained at the expense of efficiency