One desirable outcome of a market economy is that it leads to a more equitable distribution of income
Indicate whether the statement is true or false
FALSE
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In August 1971, President Nixon implemented price and wage controls to combat inflation. Which of the following statements best describes the change in price levels after the price controls policy was implemented?
a. Inflation remained almost the same for many years. b. The rate of inflation decreased and remained around 3 percent throughout 1972. c.. The rate of change in prices fell below zero in mid-1970s. d. Implementation of controls led to an increase in inflation rates in 1972.
Campaign speeches normally include normative economic statements
a. True b. False Indicate whether the statement is true or false
Historical note: During the 1970s, when the aggregate supply curve shifted to the left, the result was
a. cost-push inflation and demand-pull inflation b. demand-pull inflation c. cost-push inflation and greater employment d. stagflation e. deflation
A year-long drought that destroys most wheat crops for the season would shift the:
A. short-run aggregate supply curve only. B. aggregate demand curve only. C. aggregate demand curve, and the short-run aggregate supply curve would shift in response. D. short-run aggregate supply curve and the long-run aggregate supply curve.