Refer to Figure 3. For Ben, the opportunity cost of 1 pound of ice cream is

The less freedom people are given to choose the date of their retirement, the

a. more elastic is the supply of labor. b. less elastic is the supply of labor. c. flatter is the labor supply curve. d. smaller is the decrease in employment that will result from a tax on labor.

Economists of the rational expectations school believe that if the economy is already producing its potential output, an expansionary monetary policy, if fully and correctly anticipated, will have no effect on output or employment

Indicate whether the statement is true or false

Small differences in economic growth rates translate into significant differences in living standards.

Answer the following statement true (T) or false (F)

Which of the following is the best description of a quota?

An excise tax that is designed to place foreign producers at a competitive disadvantage in selling in domestic markets A specification of the maximum amount of a product that may be imported in any period of time Regulations and licensing related to the quality or safety of imported products Agreements adopted by exporting nations to limit exports to another country