Which of the following statements about the Humphrey-Hawkins Act of 1978 is not true?
a. It is based on neo-Keynesian ideas concerning inflation and employment.
b. Its central idea can be depicted in a Phillips curve.
c. It views 4 percent as an acceptable and reasonable unemployment rate target.
d. It views 7 percent as an acceptable and reasonable inflation rate target.
e. It is related to ideas associated with the natural rate of unemployment.
D
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After an unexpected ________ in the price of oil, the long-run adjustment decreases the price level and ________ the unemployment rate as they return to their original levels
A) increase; increases B) increase; decreases C) decrease; decreases D) decrease; increases
The Social Security program is like a private pension plan in that _____
a. it is a pay-as-you-go system b. it is voluntary c. benefits are a function of earlier contributions d. you have a legal right to your benefits
CPI refers to
a. the cost of producing a market basket of goods. b. the price of a market basket of goods. c. the Consumer Price Index. d. both the price of a market basket of goods and the Consumer Price Index.
If consumers switch away from eating margarine at the same time that the number of margarine suppliers increases, then
a. these two effects cancel each other out and there is no change in the margarine market equilibrium b. the demand curve shifts left and the supply curve shifts right c. there is a margarine price increase d. there is an excess demand for margarine e. the equilibrium quantity of margarine must increase