Refer to the information provided in Figure 27.4 below to answer the question(s) that follow.
Figure 27.4Refer to Figure 27.4. A higher price level with higher unemployment would result in
A. stagflation.
B. inflationary growth.
C. deflation.
D. deflationary growth.
Answer: A
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The immediate impetus for the establishment of the Federal Reserve System came from
A. severe outbreaks of inflation in the early 1900s. B. four severe banking panics between 1873 and 1907. C. the discovery of gold in Alaska. D. the desire to copy the founding of the Bank of England.
According to Ronald Coase, for a free-market economy to work efficiently, there needs to be
A. a well-developed tax code. B. allocation of private property rights with high transactions cost. C. allocation of private property rights with low transactions cost. D. an autocratic form of government in the country.
Total product divided by the total quantity of labor employed equals the
A) average product of labor. B) marginal product of labor. C) average total cost. D) average variable cost.
In the city of Alvarez, with the exception of guide dogs for blind people, all dogs are banned from its three public parks, regardless of whether the animals are leashed. Many residents are pushing for a change in policy
Canine lover Sara Northridge observed, "There are 800 or more homes here. There are three parks within 10 minutes, and almost everyone has a dog, but we can't take our dogs there." Others fear that allowing dogs would detract from their enjoyment of the parks. Tim Cortis retorted, "We're not preventing dog lovers from enjoying the park, just come without your dog." Which of the following is a way of dealing with the problem by assigning property rights to a particular group? A) dedicate some parks, or at least one park, exclusively for the use of visitors bringing dogs to the park B) impose a two-tier entry fee system—a lower fee for non dog owners and a higher fee for dog owners C) impose a fee only for dog owners to use the public parks; non dog owners do not pay a fee D) allow dog owners to bring their dogs to the park but insist that they keep watch over their dogs