The concept of inequality is different from that of poverty in that inequality
a. is measured by making comparisons.
b. is limited to basic human needs.
c. is much easier to identify and track.
d. is viewed in absolute terms.
a. is measured by making comparisons.
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Points on the PPF are all
A) unattainable and have fully employed resources. B) free lunches. C) inefficient. D) attainable and have some unemployed resources. E) production efficient.
Market failure occurs when: a. the stock markets tumble due to heavy selling
b. the market economy fails to allocate resources efficiently. c. demand shows signs of slowing down. d. a country cannot produce a particular good or service at a lower opportunity cost than other countries.
Which of the following components of government spending and revenue serves as an automatic stabilizer?
a. the wealth effect b. the multiplier c. unemployment insurance d. military spending e. property taxes
Workers at an automobile firm are laid off because the economy is weak and the demand for automobile has fallen. This is an example of _____
a. cyclical unemployment b. structural unemployment c. frictional unemployment d. seasonal unemployment