Despite being a college graduate, Ethan cannot name any of his representatives in Congress and he has no idea which issues are being debated and voted on this week in Congress. According to public choice analysis, Ethan is
a. irrational.
b. considering only the welfare of society and not his own personal interests.
c. not intelligent enough to understand the issues.
d. making a rational personal choice because knowing these things gives him little personal benefit.
D
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Workers and firms are currently expecting the price level to increase from 110 to 114. The Federal Reserve then announces that it will be reducing the growth rate of the money supply
If the Fed's announcement is credible, and firms and workers have rational expectations, describe how the expectations of firms and workers will be affected and how the change in expectations will affect the unemployment rate.
Family formation (marriage) has been significantly affected by economic circumstances
Indicate whether the statement is true or false
The argument first used to protect the U.S. steel industry from foreign competition over a century ago was the
a. diversity of industries argument b. antidumping argument c. national security argument d. retaliation argument e. infant industries argument
The natural rate of unemployment in the United States is about 4 to 5 percent.
a. true b. false