The two primary explanations for the excess volatility of consumption are
A) consumers' limited life spans and credit market imperfections.
B) credit market imperfections and changes in market prices.
C) changes in market prices and distorting taxes.
D) distorting taxes and consumers' limited life spans.
B
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The wheat growing industry consists of very many farmers producing identical products. The market structure that best fits the wheat growing industry is probably
A) perfect competition. B) monopolistic competition. C) monopoly. D) oligopoly.
Not all in-kind transfers represent an improved standard of living
Indicate whether the statement is true or false
The long-run Phillips curve is a(n) ____ line at the natural rate of unemployment
a. horizontal b. vertical c. upward-sloping d. downward-sloping
One of the disadvantages of a fixed exchange rate system is: a. too much stability in exchange rates
b. import and export industries forego the benefits of highly variable exchange rates. c. that to maintain fixed exchange rates, nations must give up control of their monetary policies. d. None of the above are disadvantages of a fixed exchange rate system.