The baby boomers born in the 1940s and 1950s began entering the work force in the 1960s and 1970s
This demographic event ________ the natural unemployment rate, thereby shifting the short-run Phillips curve ________ and shifting the long-run Phillips curve ________.
A) increased; rightward; leftward
B) decreased; rightward; rightward
C) increased; rightward; rightward
D) decreased; leftward; leftward
E) increased; leftward; rightward
C
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A store remains open from 8 a.m. to 4
A) is the benefit the owner receives from staying open from 8 a.m. to 5 pm. B) depends on the revenues the owner makes during the day. C) must be greater than or equal to the owner's marginal cost if the owner decides to stay open. D) is the benefit the owner receives from staying open from 8 a.m. to 6 pm.
Pollution occurs when lumber is produced. If the lumber market is unregulated, there would be
A) overproduction of lumber compared to the efficient amount. B) underproduction of lumber compared to the efficient amount. C) sometimes overproduction and sometimes underproduction of lumber compared to the efficient amount. D) an external benefit to producing lumber.
Refer to Figure 1.8. If the university decides to lower grading standards, then
A. This curve will shift to the left. B. This curve will shift rightward. C. We will slide up the curve from point B to point C. D. The curve will begin to bend downward at an earlier point.
Unit taxes vary along with the price of the taxed commodity.
A. True B. False C. Uncertain