Most spells of unemployment are short, and most unemployment observed at any given time is long-term
a. True
b. False
Indicate whether the statement is true or false
True
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A government policy that prevents the price of a good or service from falling below a specified level is called a price floor and usually results in
A. a shortage. B. a surplus. C. a black market. D. fewer producers of the good or service. E. a decrease in demand.
Assume that the demand curve for sunblock is linear and downward sloping. Which of the following statements about the slope of the demand curve for sunblock and the price elasticity of demand for sunblock are true?
A) The slope is constant, but the price elasticity of demand is not constant at all points along the demand curve for sunblock. B) The slope of the demand curve for sunblock is constant and equal to zero; demand is perfectly inelastic. C) The slope is not constant, but the price elasticity of demand is constant at all points along the demand curve for sunblock. D) The slope and the price elasticity of demand are constant at all points along the demand curve for sunblock.
The money supply schedule is
A) horizontal because is set by the central bank while P is taken as given. B) horizontal because is set by the central bank. C) vertical because is set by the households and firms while P is taken as given. D) vertical because and P are set by the central bank. E) vertical because is set by the central bank while P is taken as given.
On August 15, 1971, the United States
A) returned to the gold standard. B) suspended the convertibility of dollars into gold. C) provided unlimited dollar reserves to the German central bank to help end a speculative attack on the mark. D) provided unlimited dollar reserves to the Bank of England to help end a speculative attack on the pound.