Which economist said, "This focus on distribution makes the significance of distributional issues (transfer issues) in political life relatively greater and the significance of widespread common interest in political life relatively smaller."?
A) John Maynard Keynes
B) Milton Friedman
C) David Friedman
D) Mancur Olson
E) David Ricardo
D
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The lower the exchange rate, the cheaper are foreign-produced goods and services
Indicate whether the statement is true or false
A key reason that most people did not anticipate the severity of the recession of 2007-2009 is that
A) they thought the Fed would reduce the target for the federal funds rate to a lower level. B) they did not believe that the federal government would actually bail out large financial institutions. C) they failed to see the financial crisis coming. D) they were more worried about rising inflation than about falling real GDP.
The economy is considered to be at full employment when:
a. the actual rate of unemployment is less than the natural rate. b. the leading economic indicators are unchanged for two consecutive quarters. c. structural unemployment is zero. d. frictional plus structural unemployment is less than the natural rate. e. the rate of cyclical unemployment is zero.
The consumer price index (CPI) is a measure of inflation for
A. an elderly couple recently retired to Yuma, Arizona. B. farmers. C. a typical consumer of the market basket used to calculate the index. D. Apple Computer.