What is a shortcoming of price control legislation?
a. Price controls lower the quantity demanded.
b. Price controls often lead to reduced product quality.
c. Price controls create surpluses.
d. All of the above are shortcomings of price controls.
.B
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Actual unemployment can fall below the natural rate of unemployment due to
A) negative cyclical unemployment. B) structural unemployment. C) frictional unemployment. D) all of the above.
Production possibilities frontiers usually curve out and away from the origin. The implication of this curvature is that
A) as resources are used to produce one good, fewer resources are available to produce another good. B) technological change is present. C) the opportunity cost of producing a good stays the same regardless of how much of that good is produced. D) some resources are better at producing one good while other resources are better at producing alternative goods. E) the opportunity cost of producing a good goes down as more of that good is produced.
Refer to Table 8-18. What is real GDP in 2016, using 2011 as the base year?
A) $28,885 B) $11,790 C) $11,200 D) $10,275
The Fed's goal of interest rate stability
A) was formally abandoned in 1998. B) is motivated by political pressure as well as by a desire for a stable saving and investment environment. C) is undermined by actions the Fed takes to further its goal of stability in financial markets and institutions. D) is undermined by actions the Fed takes to further its goal of price stability.