The Volcker disinflation
a. had virtually no impact on output, just as the classical dichotomy suggested.
b. was associated with rising output, perhaps due to expansionary fiscal policy.
c. caused output to fall, but by less than the typical estimate of the sacrifice ratio suggested.
d. None of the above is correct.
c
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The observation that consumer purchases of walnuts decline as the price rises reflects:
a. a decrease in demand. b. the law of demand. c. an increase in demand. d. the law of supply.
A study conducted by Alberto Alesina and Lawrence Summers concluded that countries with highly independent central banks had ________ than countries whose central banks had little independence
A) lower unemployment rates B) higher unemployment rates C) higher inflation rates D) lower inflation rates
If more people enter medical school, we can expect:
a. the demand for doctors to increase. b. the supply of doctors to increase. c. the demand for doctors to decrease. d. the supply of doctors to decrease. e. no effect on the supply or demand of doctors?just a movement along the curves.
If we know that Canada exports maple syrup, we can conclude that maple syrup consumers in Canada are worse off than they would be in the absence of trade
a. True b. False Indicate whether the statement is true or false