All economists believe that:
A. assumptions are irrelevant to the outcome of a model.
B. people are selfish.
C. people follow principles of enlightened self-interest.
D. incentives are important.
Answer: D
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The short-run Phillips curve shows
A) a tradeoff between the unemployment rate and the inflation rate. B) a tradeoff between real GDP and unemployment. C) the expected inflation rate. D) the natural unemployment rate. E) potential GDP.
Cyclical unemployment ________ during expansions and ________ during recessions
A) increases; increases B) increases; decreases C) decreases; increases D) decreases; decreases
What is the difference between income and wealth?
What will be an ideal response?
As of 2008, which of the following countries had a female literacy rate of less than 50%?
a. India b. Greece c. Finland d. Ethiopia e. Namibia