According to the Lucas supply function, ________ no effect on real output.
A. any announced policy change has
B. any unanticipated policy change has
C. only announced monetary policy changes have
D. only announced fiscal policy changes have
Answer: A
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If a firm is a price taker, then the demand curve faced by the firm is perfectly elastic
a. True b. False Indicate whether the statement is true or false
After the Taft-Hartley Act was enacted, unions ______.
a. were more powerful than ever b. had some powers restricted c. called for an 80-day cooling off period d. were less subject to oversight
If the price of a product increases
A. there is an increase in quantity supplied and a decrease in demand. B. there is an increase in quantity supplied and a decrease in quantity demanded. C. there is an increase in supply and a decrease in quantity demanded. D. there is an increase in supply and a decrease in demand.
Initially trade between Australia and the United States is balanced. Then, if a change in the exchange rate increases the U.S. dollar price of Australian goods, ceteris paribus, we would expect
A. a trade deficit in both countries. B. a trade deficit in Australia. C. a trade deficit in the United States. D. a trade surplus in the United States.