Over the post-war era, the gaps between countries' living standards
A) disappeared.
B) stayed the same.
C) increased.
D) decreased.
E) changed inconsistently.
E
Economics
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Owners of defective used cars have more information about the condition of their vehicles than potential buyers of those used cars. This is an example of:
A. the moral hazard problem. B. a spillover cost. C. a positive externality. D. asymmetric information.
Economics
Starting from long-run equilibrium, a large tax increase will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. recessionary; lower; potential B. expansionary; lower; potential C. expansionary; higher; potential D. recessionary; lower; lower
Economics