Another term for what the text calls the "target rate of unemployment" is:
A. real unemployment.
B. nominal unemployment.
C. the natural rate of unemployment.
D. Keynesian unemployment.
Answer: C
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If benefit functions for a public good could be identified accurately, incremental benefits would be measured as
a. the area under the MSB function between the pre- and post-policy abatement levels. b. the area under the TSB function between the pre- and post-policy abatement levels. c. a horizontal distance on the MSB model corresponding to the pre- and post-policy abatement levels d. none of the above
You are the owner of an art supply store, selling both paint and paintbrushes. In order to maximize total sales you should
a. Decrease the price on the paint only b. Decrease the price on paintbrushes only c. Decrease the price on both the paint and the paintbrushes d. Increase the price on both the paint and the paintbrushes
The chairman of the Federal Reserve:
A. is one of the most important economic positions in the United States, if not the world. B. has significant direct control over the conduct of monetary policy by the central bank. C. is appointed by the President and confirmed by Senate for a four-year term. D. All of these are true.
If both imports and exports fell, a. AD would decrease
b. AD would increase. c. AD would decrease if exports fell more than imports. d. AD would increase if exports fell more than imports.