Izzy Amador is a highly talented tattoo artist. She has chosen to specialize in tattoo art because of all of the following except
A) for her, this is the most lucrative way to purchase the products that she wants to consume.
B) her tattoos are highly esteemed by tattoo lovers who are willing to pay very high prices.
C) her opportunity cost of pursuing another career is very low.
D) she obviously has a comparative advantage in tattoo art.
C
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According to the new classical view, if the money supply and prices fall but output remains the same indicates that
a. expectations must be adaptive. b. this change in the money supply was anticipated. c. aggregate supply must have shifted upward. d. none of the above can explain this.
If the Fed aims to achieve a level of unemployment below its natural rate, it must follow time-inconsistent policies
a. True b. False Indicate whether the statement is true or false
For a normal good, the substitution and income effects of a price decrease work in the same direction to increase the quantity demanded of that good
a. True b. False
Long-run Phillips curve is a vertical line drawn at the economy's natural rate of ________
a. output level b. unemployment c. inflation d. profit