If the unemployment rate for whites was 5%, then the unemployment rate for blacks would be around
A. 3%.
B. 5%.
C. 7%.
D. 10%.
E. 15%.
D. 10%.
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Suppose that the U.S. government acquires more foreign currency. This change is entered into which of the balance of payments accounts?
A) current account B) capital and financial account C) official settlements account D) reserves account E) trade account
Which of the following is not correct?
a. In the short run, policymakers face a tradeoff between inflation and unemployment. b. Events that shift the long-run Phillips curve right shift the long-run aggregate supply curve left. c. Unemployment can be changed only by the use of government policy. d. The decrease in output associated with reducing inflation is less if the policy change is announced ahead of time and is credible.
The price elasticity of demand is typically negative because
A. as price decreases, quantity demanded decreases. B. as price decreases, quantity demanded increases. C. as price decreases, demand decreases. as price decreases, demand increases. D. consumers rarely respond to a change in price.
When firms discuss pricing strategies with each other:
A. it is a violation of antitrust laws. B. it is not a violation of antitrust laws because laws cannot restrict free speech. C. it is a violation of antitrust laws only if the discussion includes punishment strategies. D. it is a violation of antitrust laws only if some firms in the industry are excluded from the discussion.