Producers of goods and services suffered during the American War in which of the following sectors?
(a) Fishing, whaling, and shipping
(b) Exports and imports
(c) Manufacturing and agriculture
(d) All of the above
(d)
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As one moves down a straight-line demand curve, the elasticity decreases.
Answer the following statement true (T) or false (F)
Milton Friedman and Edmund Phelps ______ the Phillips curve in the 1960s.
a. eliminated b. promoted c. invented d. criticized
The unattainable points in a production possibilities frontier are
A) the points within the production possibilities frontier. B) the points along the production possibilities frontier. C) the points of the horizontal and vertical intercepts. D) the points outside the production possibilities frontier.
(Consider This) Some economists believe that modest inflation, say 2-3 percent, might help reduce unemployment during recessions. What is the argument of economists who reject this idea?
A. Consumers would stop buying goods at higher prices, reducing demand, output, and employment. B. Firms will pocket the profits resulting from higher prices and have no incentive to expand output and employment. C. Wages and other costs would rise with the inflation, keeping firms from expanding employment. D. Consumer spending would shift to cheaper imported goods, reducing domestic demand and employment.