The United States experienced _______________ from 1930 to 1933.
A. stagflation
B. inflation
C. deflation
D. budget surpluses
C. deflation
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The figure above shows the labor market in a region. In which of the following cases would the amount of unemployment be the largest?
A) when the market is at its equilibrium, with no minimum wage B) when a minimum wage of $4 an hour is imposed C) when a minimum wage of $6 an hour is imposed D) when a minimum wage of $8 an hour is imposed E) None of the above because the market will adjust so that there is no unemployment.
Which of the following is an area of substantial agreement among macroeconomists?
a. Expansionary policies that lead to inflation can keep the actual rate of unemployment below the natural rate. b. It is relatively easy to time shifts in monetary policy in a manner that will promote economic stability. c. Price stability is a proper goal of monetary policy. d. It is relatively easy to time shifts in fiscal policy in a manner that will promote economic stability.
Which of the following would qualify as an aggregate demand shock?
A. A seasonally expected increase in oil prices B. An anticipated tax cut C. An unexpected reduction in consumer confidence D. An unexpected increase in oil prices
Which of the following is (are) characteristics of an isocost curve?
A. The slope shows the rate at which the firm can substitute labor for capital while holding B. total cost constant. C. The slope shows the rate at which the firm can substitute labor for capital in the market. D. If the price of capital is unchanged and the price of labor increases, the intercept of the isocost curve on the horizontal axis will decrease. E. both a and c F. all of the above