The relationship between the unemployment rate and inflation is studied under:
A) microeconomics.
B) macroeconomics.
C) behavioral economics.
D) international economics.
B
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Which of the following statements is true about data?
A) Empiricism does not necessarily involve data. B) Consistency of models can be checked using data. C) Convincing data analysis in economics relies on using a small sample. D) Facts that describe the world are not considered data.
The Fed's current position towards the existing monetary aggregates is
A) it is convinced that M1 is the best measure of the money supply. B) it is convinced that M2 is the best measure of the money supply. C) it is an issue of ongoing research. D) it is reverting to considering currency alone as the best measure of the money supply.
Opportunity cost is
A. What is given up in order to get something else. B. Measured only in dollars and cents. C. The total dollar cost to society of producing the goods. D. The difficulty associated with using one good in place of another.
In Figure 33.1, how many people would lose their jobs as a result of the minimum wage? 
A. L* B. LS-Lmin C. L*-Lmin D. LS - L*