There is no long-run trade-off between inflation and unemployment.
Answer the following statement true (T) or false (F)
True
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Suppose the public increases the level of savings in anticipation of higher future taxes to service the national debt. This is an example of
A) Reaganomics. B) Ricardian equivalence. C) Smithsonian equivalence. D) Monetary equivalence.
Suppose the Bureau of Labor Statistics interviews 196,700 people in its monthly survey; 94,500 are not in the labor force, 91,150 are employed, 8,870 are unemployed, and 2,180 are in the armed forces
What is the unemployment rate the BLS announces? A) 8.87 percent B) 9.73 percent C) 9.39 percent D) 4.51 percent E) 10.81 percent
Suppose that Starbucks reduces the price of its premium coffee from $2.20 to $1.80 per cup, and as a result, the quantity sold per day increased from 350 to 450 . Over this price range, the price elasticity of demand for Starbucks coffee is:
a. 0.40. b. 0.80. c. 1.25. d. 2.50.
Economists generally criticize high barriers to market entry because
a. the ability of consumers to discipline producers is weakened. b. unregulated monopolists and oligopolists can often gain by increasing output and raising price. c. legal barriers to entry will encourage firms to "invest" resources in developing highly desired products that consumers are willing to pay more for. d. entry barriers are popular with consumers but not businesses.