John decides to leave college early and play professional sports. Which of the following economic principles does John use?
i. personal economic policies
ii. marginal cost versus marginal benefit analysis
iii. normative versus positive economics
A) i and ii
B) i, ii and iii
C) ii only
D) i and iii
E) ii and iii
A
Economics
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According to supply-side fiscal policy, reducing tax rates on wages and profits will:
a. create demand-pull inflation. b. lower the price level but may trigger a recession. c. result in stagflation. d. reduce both unemployment and inflation.
Economics
John only works in the summer between semesters. What type of unemployment is he experiencing?
a. Frictional b. Seasonal c. Structural d. Cyclical
Economics