The short-run aggregate supply curve (SRAS) is based on the theory that wages are flexible
a. True
b. False
Indicate whether the statement is true or false
False
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Inflation climbed steadily from 1952 to 1972. A time-series graph with inflation on the vertical axis and time (in years) on the horizontal axis would show
A) the rate of inflation as a horizontal line. B) that inflation was following a decreasing trend line. C) that inflation had a positive trend. D) that inflation had a negative trend.
The philosopher John Rawls argued that if people could make arrangements about how society would be organized before they were born that one of the principles that we would agree upon is that social and economic inequalities are to be arranged so
that they are to be of the greatest benefit to the least-advantaged members of society. What economic strategy sounds akin to this idea? Explain.
Which of the following groups rejects the view that government policy can reduce the rate of unemployment even in the short run because that policy would be undermined by people's incorporation of the anticipated consequences of the policy into their present decisions?
a. classical school b. Keynesian school c. neo-Keynesian school d. rational expectations school e. supply-side school
Why is a college graduate more likely to get a job in management than is someone with only a high school diploma, even when the job has nothing to do with a specific type of education?