Paul Volcker's inflation reduction efforts
a. failed to reduce inflation.
b. failed to reduce expected inflation.
c. resulted in the highest unemployment rate since the Great Depression.
d. none of the above are correct.
c
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Government policies that are used to affect aggregate expenditure, with the objective of eliminating output gaps, are called ________ policies.
A. stabilization B. productivity C. cyclical D. structural
The price of pie increases. Some people who purchased pie before the price increase no longer purchase pie. This is
A) a positive externality. B) a negative externality. C) a positive externality for some consumers and a negative externality for others. D) not an externality.
A change in the level of an economic activity is desirable and should be undertaken as long as the marginal benefits exceed the ____
a. marginal returns b. total costs c. marginal costs d. average costs e. average benefits
The cost of building a blast furnace for an iron and steel firm would be categorized as a: a. total cost
b. fixed cost. c. variable cost. d. marginal cost.