Economists
a. agree that the costs of moderate inflation are small. The increase in unemployment from reducing inflation will be smaller if inflation expectations remain high.
b. agree that the costs of moderate inflation are small. The increase in unemployment from reducing inflation will be larger if inflation expectations remain high.
c. disagree about the costs of moderate inflation. The increase in unemployment from reducing inflation will be smaller if inflation expectations remain high.
d. disagree about the costs of moderate inflation. The increase in unemployment from reducing inflation will be larger if inflation expectations remain high.
d
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Use the following graph for a competitive market for a product where the government has set a price ceiling of 0A to answer the question below.
What quantity will buyers be able to buy after the imposition of the price ceiling?
A. 0L B. KL C. JL D. 0J
Workers in durable-goods industries are ________ workers in service industries to lose their jobs during a recession.
A. equally likely as B. less likely than C. much less likely than D. more likely than
The basic factors of production include
A. Land, labor, money, and inputs. B. Land, labor, capital, and entrepreneurship. C. Labor and money. D. Land, labor, money, and capital.
When you pay $6 for breakfast burritos for your drive to work, you are using money as a(n)
A. medium of exchange. B. investment good. C. store of value. D. unit of account.