Price controls date back to

A. World War II.
B. the U.S. Revolutionary War.
C. thousands of years, at least back to ancient Babylonia.
D. the 1970s.
E. the last 20 years.


Answer: C

Economics

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A weakness of the classical model is

a. the quality of its explanations for long-run movements of the economy b. its confusion between the long and short run c. its assumption that the labor market always clears d. its treatment of crowding out in the long run e. its inadequate attention to the long run

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The aggregate supply curve in the short run is vertical in __________ version of the AD-AS framework

A) the simple quantity theory of money B) the monetarist C) both the simple quantity theory of money and the monetarist D) neither the simple quantity theory of money nor the monetarist

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It required less labor time to buy a college education in 1995 than it did in 1965.

Answer the following statement true (T) or false (F)

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If the dollar rose by 35% relative to other currencies, our current account deficit would

A. rise sharply. B. rise slightly. C. not be affected. D. fall slightly.

Economics