During the ________ output tended to exceed its natural level and inflation ________
A) late 1980s, accelerated
B) 1990s, accelerated
C) 1960s and early 1970s, accelerated
D) early 1980s, decelerated
C
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Suppose the government imposes a small carbon tax on automakers. But the price of gasoline has doubled due to a Middle East crisis which has reduced oil production
In the market for autos, these changes mean that supply and demand have both changed with the effect on the demand larger than the effect on the supply. The result is that the price of autos will ________ and the number of autos sold will ________. A) rise; perhaps change but we can't say if it increases, decreases, or stays the same B) rise; increase C) rise; decrease D) fall; perhaps change but we can't say if it increases, decreases, or stays the same E) fall; decrease
Protectionism
A) is the use of cheap labor to protect firms from paying high wages. B) refers to the use of copyright and trademark laws to protect inventors and artists from losing the rights to their creative efforts. C) is the use of trade barriers to protect domestic firms from foreign competition. D) refers to reductions in tariffs and other barriers that protect consumers from paying high prices.
When there are ∞ degrees of freedom, the t∞ distribution
A) can no longer be calculated. B) equals the standard normal distribution. C) has a bell shape similar to that of the normal distribution, but with "fatter" tails. D) equals the distribution.
Wage elasticity of labor supply is a term referring to the
a. percentage change in wages demanded divided by the percentage change in wages supplied. b. percentage change in wages supplied divided by the percentage change in wages demanded. c. percentage change in wages divided by the percentage change in hours worked. d. percentage change in hours worked divided by the percentage change in wages.