The suggestion that the Fed concentrate only on reducing inflation is an attempt to
A. stabilize the level of unemployment and inflation.
B. shift the long-run Phillips curve to the right.
C. improve the efficiency of the self-correcting mechanism.
D. simplify demand management by focusing on only one goal.
Answer: D
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In the research that used the audit method to send out 5,000 realistic-looking resumes for advertised jobs in Boston and Chicago, which of the following was one of the results?
A) White names received roughly the same number of interview requests as black names. B) High-quality resumes with black names received no more interview requests than low-quality resumes with black names. C) High-quality resumes with white names received roughly the same number of interview requests as low-quality resumes with white names. D) All of the above reflect the results of the research.
Which of the following statements is false?
A) Anytime you have to decide which action to take you are facing an economic trade-off. B) Every individual, no matter how rich or poor, is faced with making trade-offs. C) Trade-offs do not apply when the consumers purchase a product for which there is excess supply, such as a stock clearance sale. D) Economics is a social science that studies the trade-offs we are forced to make because of scarcity.
Refer to Table 20-17. Looking at the table above, real average hourly earnings in 2015 were
A) $3.67. B) $5.63. C) $10.24. D) $11.37.
If both market demand and supply increase simultaneously by the same magnitudes, then equilibrium quantity will (be) ____ and equilibrium price will (be) ____
a. Not change; decrease b. increase; increase c. increase; not change d. None of the above are correct