Appendix: In comparing rules for serving a queue, last-come first-served has all of the following effects except
a. reduces the waiting time
b. causes few customers to arrive and depart more than once
c. increases the side payments among those yet to be served
d. hastens the adoption of a lottery system for deciding who should get the tickets
b
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A market structure in which a small number of firms compete is called
A) perfect competition. B) monopolistic competition. C) oligopoly. D) monopoly.
The tax cuts in 1981 and 1982 did not lead to growth in GDP as did the tax cuts in 1964. One reason for this difference was that
A) the 1981-82 tax cuts concentrated on personal tax cuts, but the 1964 cuts were for both personal and corporate taxpayers. B) the saving rate increased in 1981-82, but it decreased in 1964. C) expansionary monetary policy accompanied the 1964 tax cuts, but the 1981-82 cuts were accompanied by restrictive monetary policy. D) tax indexation was built into the 1981-82 tax-cut program, but in 1964 there was no indexation.
Which of the following is not a goal of government programs?
a. to enforce private property rights b. to prohibit natural monopolies c. to reduce pollution d. to transfer money from higher-income households to the poorest households e. to maintain price stability
The Fisher effect is the tendency for ________ interest rates to be ________ when inflation is high.
A. real; low B. market; low C. nominal; high D. real; high