Lucas and Sargent argue that the short-run trade-off between unemployment and inflation is caused by
A) workers and firms rapidly adjusting wages and prices in response to changes in expectations.
B) workers and firms using all the information available to predict inflation.
C) workers and firms being fooled by unexpected changes in monetary policy.
D) workers and firms using Fed policy to predict inflation.
C
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Which of the following is an example of a fixed input?
a. The acreage of a farmer's land. b. Machinery. c. The size of a firm's plant. d. All of these.
The Clayton Act was passed in:
a. 1887. b. 1890. c. 1914. d. 1936. e. 1952.
Which of the following is true of bureaus?
a. They are highly sensitive to consumer feedback. b. They create laws to govern the functioning of an economy. c. They control the money supply in the economy. d. They implement the laws created by the government.
Figure 4-22
Refer to . Sellers pay how much of the tax per unit?
a.
$1.00.
b.
$1.50.
c.
$2.50.
d.
$3.00.