Supplier power tends to be low when
a. The supplier provides critical inputs
b. The supplier provides homogenous inputs
c. Both A&B
d. None of the above
b
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When a Pigouvian tax is imposed, ________
A) the marginal private cost curve shifts upward B) the demand curve shifts rightward C) the marginal social cost curve shifts downward D) the marginal social benefit curve shifts downward
The argument that when policy changes, people's behavior changes so that historical relationships between macroeconomic variables will no longer hold is known as
A) the Phillips curve. B) the policy irrelevance hypothesis. C) hysteresis. D) the Lucas critique.
An example of structural unemployment is a(n):
a. textile worker who quits one job and waits for the new job to begin. b. engineer permanently laid off due to advances in technology. c. computer programmer who becomes rich and leaves the labor force. d. All of these.
If it were not for the automatic stabilizers in the U.S. economy,
a. the Federal Reserve would have less reason than it has now to monitor stock prices. b. it would be more desirable than it is now for the Federal Reserve to target an interest rate. c. a strict balanced-budget rule would be more desirable than it is now. d. output and employment would probably be more volatile than they are now.