The flu vaccination example in Section 1.1 of the textbook is an example of how policy makers may cope with
A) scarcity of medical treatment.
B) scarcity of patients.
C) scarcity of policy makers.
D) answering the question of how to produce.
A
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Ceteris paribus, an increase in the current or actual rate of inflation will cause
A) the unemployment rate to decrease (a movement along the short-run Phillips curve). B) the long-run Phillips curve to shift leftward. C) expectations of future inflation rates to be revised downward. D) the short-run Phillips curve to shift upward.
The existence of lags prevents the instantaneous adjustment of the economy to policies changing aggregate demand, thereby strengthening the case for
A) supply-side policy. B) nonactivists. C) activists. D) demand-management policy.
Which of the following statements about full employment is correct? I. Full employment means that the unemployment rate is less than 1/2 of 1 percent. II. Full employment means that the transaction costs associated with getting a job are zero
A) I only B) II only C) Both I and II D) Neither I nor II
A toll of $1 per car is imposed on a road regardless of time of day. If the toll creates equilibrium travel flows at the busiest time of day, it will create a __________ at all other times
A) surplus of space B) shortage of space C) zero money price for space D) zero opportunity cost for space