Indifference curves have positive slopes.
Answer the following statement true (T) or false (F)
False
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Suppose the price of a good rises. When will the resulting income effect reduce the quantity demanded of the good?
a. Always. b. Whenever the good is a non-Giffen good. c. Only when the good is normal. d. Only when the good is inferior.
Economists describe short-run decisions as "constrained" decisions, while long-run decisions are described as "planning" decisions. Referring to a firm's short-run average cost function and long-run average cost function, explain this
What will be an ideal response?
An economic policy has a decent chance of working as intended, if ________
A) the policy causes no change in expectations B) if mistaken expectations are not very costly C) the rationale behind the policy is well-understood by the public D) expectations are formed in the same way by both the public and the policymakers
The natural rate of unemployment is defined as the unemployment rate that exists in the absence of:
a. structural unemployment. b. frictional unemployment. c. cyclical unemployment. d. seasonal unemployment. e. inflation.