Increasing productivity in a society
a. always results in a better quality of life as society views it.
b. can never make a nation poorer.
c. guarantees that personal services will cost less.
d. makes improved personal services available to everyone.
b
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Using the "It's not fair if the result isn't fair" principle of fairness, an income tax designed to transfer wealth from the rich to the poor
A) increases efficiency and equity. B) increases efficiency and does not affect equity. C) decreases efficiency and increases equity. D) decreases efficiency and equity.
On average, in the recessions since 1950, it has taken ________ for real GDP to return to its cyclical peak
A) about 6 months B) about 1 year C) about 18 months D) almost 2.5 years
The model of perfect competition can be fruitfully used to analyze markets that don't perfectly fit the description of this market type
a. True. b. False.
If there is an unanticipated increase in aggregate demand, which of the following is most likely to occur?
a. a reduction in the price level b. an increase in the rate of unemployment c. an increase in employment d. an expansion in the federal budget deficit