Politicians and economists who are generally conservative tend to believe that
a. the self-correcting mechanism is slow and unpredictable.
b. the short-run Phillips curve is relatively steep.
c. the costs of unemployment are high.
d. expectations in reaction to policy measures are very slow to change.
b
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A decrease in Social Security payments will
A) decrease export spending. B) decrease investment spending. C) decrease government spending. D) decrease consumption spending.
Use the above figure. The profit-maximizing monopolistically competitive firm
A) is losing $0.05 per unit of output. B) is earning $0.40 per unit of output. C) is earning $0.15 per unit of output. D) is earning $0.05 per unit of output.
Which of the following is NOT a wage or employment strategy that a union would follow?
A) Set a maximum wage rate such that a shortage of workers will result. B) Set a wage rate such that all workers that want to find a job can find a job. C) Set a wage rate that will maximize the income of its members. D) Set a wage rate that will maximize the income of only some of its members.
Rent-seeking behavior refers to actions by landlords to pressure the government into subsidizing rent for its low-income residents.
Answer the following statement true (T) or false (F)