The black market price for a legally prohibited good will be the same whether a $1,000 fine is placed on the buyer or the seller
Indicate whether the statement is true or false
FALSE
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During most of the United States' involvement in World War II we temporarily operated at point
A. F.
B. G.
C. H.
D. I.
An argument in favor of the Federal Reserve adopting inflation targeting is that in the long run, the Fed can have an impact on inflation but not on real GDP
Indicate whether the statement is true or false
Refer to Figure 6.1. Assume that L1 represents the budget line before a price change. Point B represents the:
A. uncompensated effect of an increase in the price of bread.
B. uncompensated effect of a decrease in the price of soup.
C. uncompensated effect of an increase in the price of soup.
D. compensated effect of an increase in the price of soup.
Which of the following is not one of the five fundamental questions that an economy must deal with?
A. How will the goods and services be produced? B. Why should the goods and services be produced? C. Who is to receive the goods and services produced in the economy? D. In what ways will progress be promoted?