Among the views shared by some of the different schools is
a. the Keynesian and the supply-side economics schools' views on the need to stimulate aggregate demand
b. the classical school and the Keynesian schools' views on the flexibility of prices
c. rational expectations and the neo-Keynesian schools' views on the government's ability to change the economy's long-run employment position
d. the Keynesian and the rational expectations schools' views on the role of expansionary monetary policy
e. the Keynesian and the monetarist schools' views on the role of the Federal Reserve
C
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The average tariff rate imposed by the United States on imported goods
A) has generally increased over the past 60 years. B) has generally decreased over the past 60 years. C) peaked in 1990. D) peaked in 1980.
Which of the following statements is true?
a. Income distribution in the United States has gotten progressively more unequal since 1929. b. The Lorenz curve indicates the degree of discrimination in an economy. c. The Lorenz curve indicates the degree of income inequality in an economy. d. The richest 5% of Americans earn approximately half of the nation's income. e. All of these.
If there are economic profits in a monopolistically competitive industry, they will generally be competed away through the
A) manipulation of the demand curve. B) increasing advertising budgets of existing firms. C) entry of new firms. D) introduction of brand name products by existing firms. E) exit of existing firms.
Hedonic pricing is
A) the way that luxury goods are priced in a market economy. B) the tendency for the inflation rate to rise by greater and greater amounts. C) the tendency for nominal GDP to rise when the price level rises. D) the process of translating nominal GDP into real GDP. E) the process of pricing individual characteristics of a good or service.