The Phillips curve was ________
A) never very popular in policy circles
B) influential in efforts to bring the unemployment rate down to low levels
C) generally confirmed in the 1970s, when low unemployment persisted despite rising inflation
D) all of the above
E) none of the above
B
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The leader of the monetarist school and major proponent of a monetary growth rule was
A) Ben Bernanke. B) Paul Volcker. C) Milton Friedman. D) Alan Greenspan.
The fraction of a change in real disposable income that is spent is referred to as the
A) APC. B) MPC. C) MPS. D) APS.
The phrase "a stronger U.S. dollar" means that the dollar
a. is in equilibrium on the foreign exchange market b. does not fluctuate greatly c. has been depreciating d. has been appreciating e. buys more than one unit of a foreign currency
The Incentive Principle states that a person:
A. is more likely to take an action if its cost increases. B. should take an action if its cost increases. C. is more likely to take an action if its benefit increases. D. should take an action if its benefit increases.