The Laffer curve belongs to which of the following schools of economic thought?
A. Keynesian
B. Supply-side
C. Demand management
D. Classical
Answer: B
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Evidence shows that flexible exchange rates have created a destabilizing speculation in the foreign exchange market
Indicate whether the statement is true or false
When a government subsidy is granted to the buyers of a product, sellers can end up capturing some of the benefit because
a. the market price of the product will fall in response to the subsidy. b. the market price of the product will rise in response to the subsidy. c. the market price of the product will not change in response to the subsidy. d. buyers will reduce their demand for the product.
In 1903 when air pollution from a Montana smelter owned by the Anaconda Smelting Company destroyed grass and killed some cattle owned by ranchers downwind from the smelter, the ranchers sued for damages and the court
a. ordered the company to pay for the damages caused by its smelter. b. held the company liable for any future damages caused by its omissions. c. recognized that the company would pollute less when it was made accountable for the damage caused by its omissions. d. all of the above.
Unemployment that results from the seasonal pattern of work in specific industries is
A. frictional unemployment. B. structural unemployment. C. cyclical unemployment. D. seasonal unemployment.