It never occurred to Keynesians that they would have to choose between policies to control unemployment and policies to control inflation
Indicate whether the statement is true or false
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Which of the following is NOT studied in microeconomics?
A) the effect of an increase in gasoline taxes on the purchase of gasoline B) the impact of an increase in the unemployment rate on economic production C) the impact of firms' collective hiring choices on the aggregate unemployment rate D) the impact of higher fuel prices on the cost of airline tickets
Accounting costs exclude implicit costs
Indicate whether the statement is true or false
The production possibilities curve has a negative slope because
a. producing more of one good means producing less of the other b. efficiency declines as more of one good is produced c. consumers want to buy more of a good as its price decreases d. it becomes harder to find workers as more goods are produced e. the law of increasing costs is violated
The rules-based monetary policy reads: The annual growth rate in the money supply will be equal to the average annual growth rate in Real GDP minus the growth rate in velocity. If the average growth rate in Real GDP this year is 3 percent and the growth rate in velocity is 2 percent, then the money supply will increase by ______________ percent this year
A) 1 B) 2 C) 3 D) 4