Firms serve similar functions to
A) courts.
B) governments.
C) markets.
D) all of these choices.
C
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Governments often intervene in agricultural markets by
A) granting subsidies. B) setting production quotas that will increase production. C) setting price floors that reduce prices for buyers. D) imposing heavy taxes on farm products.
A decrease in aggregate demand will cause
A) prices to fall according to classical economists, and unemployment to increase according to Keynes. B) prices to fall and unemployment to increase according to both classical economists and Keynes. C) aggregate supply to fall according to classical economists, and prices to fall according to Keynes. D) aggregate supply to fall according to Keynes, and unemployment to increase according to classical economists.
The federal budget deficit has been over 30 percent of GDP since the early 1980s
a. True b. False Indicate whether the statement is true or false
If people in countries that have had persistently high inflation are skeptical about efforts to reduce inflation, the short-run Phillips curve will remain far to the
a. left, and the sacrifice ratio will be low. b. left, and the sacrifice ratio will be high. c. right, and the sacrifice ratio will be low. d. right, and the sacrifice ratio will be high.