Give some examples of transactions in markets which are not regulated or controlled
What will be an ideal response?
services such as cleaning, cooking, free child care, and people who run businesses from their homes, yard sales, flea markets
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Suppose that inflation is at the target rate and output has fallen substantially below potential output. A central bank with a primary objective of price stability should ________
A) do nothing, because inflation cannot rise when unemployment is high B) ease monetary policy, to avoid a decrease in the inflation rate C) do nothing, because stabilizing economic activity is not a primary objective D) ease monetary policy, because avoiding high unemployment is more important than avoiding high inflation E) none of the above
Economic studies have generally found that professional sports players have salaries that
a. greatly exceed their marginal contribution to a team's revenue stream. b. are approximately equal to their marginal revenue products. c. are about one-half of what they contribute to a team's profitability. d. are less than one-tenth of their marginal revenue products.