Asymmetric information generally implies
A. information between parties is not equal.
B. all parties are fully informed.
C. information is costless.
D. information is too costly to transmit.
A. information between parties is not equal.
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In new Keynesian theory, the pattern of inflation exhibited by an economy with growing aggregate demand known as inflation dynamics is
A) initially sluggish upward adjustment of the price level and inflation in response to higher aggregate demand followed by higher inflation in the future. B) initially sluggish downward adjustment of the price level and inflation in response to higher aggregate demand followed by lower inflation in the future. C) initially speedy upward adjustment of the price level and inflation in response to higher aggregate demand followed by lower inflation in the future. D) initially speedy upward adjustment of the price level and inflation in response to higher aggregate demand followed by higher inflation in the future.
When the government levies a tax where everyone is taxed the same fixed percentage of their incomes, this tax is known as a(n):
a. regressive tax. b. progressive tax. c. proportional tax. d. excise tax. e. luxury tax.
In the long run,
a. a larger budget deficit means a larger money supply b. lower investment spending means slower growth of the standard of living c. a larger budget deficit means lower consumption spending d. a larger budget surplus means a smaller capital stock e. government spending has no effect on the budget deficit or surplus
Use the following table to answer the next question.YearReal GDPPopulation2008$20,000200200940,000400201060,000400201170,000500In 2009, real GDP per capita equals ________.
A. $20,000 B. $100 C. $1,000 D. $2,000