Which of the following would we not expect if government policy moves the economy up along a given short-run Phillips curve?
a. Mark gets an increase in his nominal wage.
b. Bob gets more job offers.
c. Susan reduces prices at her pizza restaurant.
d. Tom reads that the central bank recently raised the money supply
c
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A nation can produce two products: tanks and cars. The table below is the nation's production possibilities schedule:Production Possibilities ScheduleProductABCDEFTanks012345Cars10009508506503500Given the production possibilities schedule above, a combination of 3 tanks and 350 cars
A. illustrates the trade-off between tanks and cars. B. is not attainable because this combination is not listed in the schedule. C. is attainable but entails some unemployment or inefficient use of society's resources. D. cannot be produced by society, given its current resources and production technology.
Which of the following increases frictional and/or structural unemployment?
i. more young workers entering the labor force ii. more generous unemployment benefits iii. a structural slump with some industries dying A) iii only B) i and ii C) ii only D) i, ii. and iii E) i only
Imports are products produced in the home country and sold in another country.
Answer the following statement true (T) or false (F)
Many drugs are illegal in the United States. Despite this law, illegal drugs are usually available at a price many times higher than they would be if the drugs weren't illegal. The high price of illegal drugs is an example of:
A. the market affecting political forces. B. the failure of the market. C. the failure of political forces. D. political forces affecting the market.