Welfare benefits reduce the need to work and result in a shift in the
A. Labor supply curve to the left.
B. Labor demand curve to the left.
C. Labor supply curve to the right.
D. Labor demand curve to the right.
Answer: A
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Give an example of a frictionally unemployed person
What will be an ideal response?
Classical economists and modern monetarists agree that the best way to examine the economy is through the use of
A) aggregate supply and demand. B) the multiplier. C) the quantity theory. D) the GNP account.
To correct for the social impact of pollution, the government should levy a per-unit tax
A) that is the same for all polluters regardless of their locations or sizes. B) according to the economic damage of the pollution. C) according to the business activity of the polluter. D) only to those polluters that can afford to pay for the tax.
The economy is experiencing inflation and the Federal Reserve decides to pursue a restrictive money policy. Which actions by the Fed would be most consistent with this policy?
a. Selling government securities b. Buying government securities c. Lowering the reserve ratio d. Lowering the discount rate