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.
d
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When the production of a good has an external cost, the
A) marginal social cost curve lies below the marginal private cost curve. B) marginal social benefit curve lies above the marginal private benefit curve. C) equilibrium quantity in an unregulated, competitive market has a marginal social cost greater than the marginal social benefit. D) equilibrium quantity in an unregulated, competitive market has a marginal social cost less than the marginal social benefit.
Explain how we "read" the three graphs in Figs. A1.1 and A1.2
What will be an ideal response?
Although coal and iron ore are both important raw materials used in steel production, coal is a more specific resource compared to iron ore
Indicate whether the statement is true or false
When one person enjoys the benefit of a tornado siren, she reduces the benefit to others
a. True b. False Indicate whether the statement is true or false