When mismatch unemployment characterizes an economy
A) monetary and fiscal policies to raise AD are the appropriate government action.
B) only monetary policy will be effective.
C) monetary and fiscal policies to raise AD are not the appropriate government action.
D) only general (not specific) fiscal policy will be effective.
C
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In 1863, the total number of slaves in America was about:
a. 50 thousand. b. 1 million. c. greater than $4 million. d. 1 billion. e.
According to the graph shown, consumer surplus is:
A. $36.
B. $72.
C. $120
D. None of these.
We translate nominal income in any past year into constant, real dollars to:
A. allow us to compare changes in purchasing power over time. B. see what an income we were earning in the past would be equivalent to today. C. understand what a salary in the past would equal in current dollars to determine how much more we have actually gained in purchasing power. D. All of these statements are true.
A competitive industry consists of 100 firms. The short-run marginal cost curve for each firm is given by MC = 200 + .3Q. The demand curve faced by the industry is given as P = 400 - .1Q. What is the producer and consumer surplus in the entire market?
What will be an ideal response?