Most economists are in favor of price controls as a way of allocating resources in the economy
a. True
b. False
Indicate whether the statement is true or false
False
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Suppose the market for pizza slices is in equilibrium at a price of $1 per slice. What conditions are likely to be satisfied in the pizza slice market?
What will be an ideal response?
In the figure below, draw a short-run Phillips curve and a long-run Phillips curve if the expected inflation rate is 4 percent and the natural unemployment rate is 6 percent
Explain how the two change in the short run if: a. slower growth in aggregate demand causes a recession. b. the inflation rate increases. c. the natural unemployment rate increases.
All of the following are aspects of microeconomics EXCEPT
A. a worker choosing one job over another. B. monopolies. C. a firm maximizing profit. D. the average level of prices of all goods and services produced in a country in a year.
Given the utility-optimizing rule and the presence of diminishing marginal utility for a good
A) the demand curve for the good will be vertical. B) there will not be a well-defined demand curve. C) there will not be a substitution effect. D) the demand curve for the good will be negatively sloped.