The fact that many people drive faster than the posted speed limit suggests that
A) not all price floors are enforceable.
B) not all price and quantity regulations are enforceable.
C) individual drivers act irrationally.
D) government regulation is utterly useless.
B
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Examination of data since 1953 indicates that during this period stretching more than half a century, the Phillips curve
A) fails to exist. B) is smoothly upward sloping. C) is smoothly downward sloping. D) slopes smoothly upward at first but then slopes smoothly downward.
The unemployment rate never falls to ________________ percent.
a. three b. five c. zero d. one
A 2% wage increase for teachers or police officers is:
a. usually offset by higher output per worker. b. leads to increases in municipal budgets. c. indicates that teachers and police have became more selfish. d. leads to more personalized service.
Describe the sequence of events that real business cycle theorists would use to explain how an adverse supply shock would impact the economy. Use your answer to explain why it is easy to confuse cause and effect between changes originating on the supply side and those that begin on the demand side