In the 1960s and early 1970s, many economists and policymakers thought the Phillips curve was
A. interesting, but had no theory behind it.
B. invalid and of no use to policymakers.
C. of no interest in making macroeconomic policy.
D. a “menu” of possible choices available to policymakers.
Answer: D
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(I) Countries with more economic freedom during the past quarter of a century had a lower average per capita GDP. (II) Countries with more economic freedom during the past quarter of a century generally achieved higher rates of economic growth
a. Both I and II are true. b. Both I and II are false. c. I is true; II is false. d. I is false; II is true.
As the number of transactions in the economy decreases,
a) the supply of money increases b) the supply of money decreases c) the demand for money increases d) the demand for money decreases
In a situation in which property rights are not well-defined and social costs exceed private costs, government can use all of the following to induce producers to bring private costs into alignment with social costs EXCEPT
A) taxing production. B) coercive limits on production. C) subsidization of production. D) regulation of production.
Jose has one evening in which to prepare for two exams and can employ one of two possible strategies: The opportunity cost of receiving a 92 on the statistics exam is __________ points on the economics exam.
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