Which of these is not a beneficial supply shock?
a. An abundant harvest that increases food supplies
b. The discovery of natural resources
c. Reductions in business taxes
d. Technological advances
e. Establishment of the Occupational Safety and Health Administration (OSHA)
e
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With the passage of time as the availability of an exhaustible resource declines, the cost of extraction of the resource increases
a. True b. False Indicate whether the statement is true or false
For which of the following goods is the income elasticity of demand likely lowest?
a. water b. sapphire pendant necklaces c. filet mignon steaks d. fresh fruit
The economist who, in his presidential address to the American Economic Association in 1967, attacked the idea of a permanent downward-sloping Phillips curve was
A) A. W. Phillips. B) Paul Samuelson. C) Milton Friedman. D) Robert Lucas. E) Thomas Sargent.
The Japanese yen makes up the largest portion of the international bond market.
a. true b. false