One of the strengths of a socialist economy, according to those who advocate such a system, is that government intervention will enable a more equitable distribution of income and therefore goods and services produced
a. True
b. False
Indicate whether the statement is true or false
True
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The highest component of GNP is
A) the current account. B) investment. C) government purchases. D) consumption. E) trade.
Suppose there is a semiskilled labor market and two different unskilled labor markets. Initially, all three markets are in competitive equilibrium. What would happen if the government imposed a minimum wage rate above the competitive equilibrium rate in one of the unskilled labor markets?
a. Wage rates will rise in all three markets. b. Wage rates will rise in both unskilled labor markets, but remain unchanged in the semiskilled labor sector. c. Wage rates will rise in the semiskilled labor market and in the unskilled labor market covered by the minimum wage, but fall in the other unskilled labor market. d. Wage rates will rise in the unskilled labor market covered by the minimum wage, remain unchanged in the other unskilled labor market, and fall in the semiskilled labor market. e. Wage rates will rise in the unskilled labor market covered by the minimum wage, but remain unchanged in the other two markets.
The legislation which made it illegal to monopolize a market was the:
A. Sherman Act. B. Clayton Act. C. Robinson-Patman Act. D. Celler-Kefauver Act.
Which of the following has the tightest relation with inflation?
A) H, the monetary base B) M1 C) M2 D) M3