With the Lucas supply function, a price ________ means actual price is either greater than or lower than expected price.
A. surprise
B. floor
C. anomaly
D. ceiling
Answer: A
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New growth theory is concerned with
A) finding a good way to measure economic growth. B) increasing the savings rate in the U.S. C) understanding the forces that increase productivity. D) understanding how compounding works.
A shift in a curve represents a change in:
a. the variable on the horizontal axis. b. the variable on the vertical axis. c. a third variable that is not on either axis. d. any variable that is relevant to the relationship being graphed.
The proposition that policy actions have no real effects in the short run if the policy actions are anticipated is known as
A) the policy irrelevance proposition. B) the Keynesian proposition. C) the inflation stabilization proposition. D) the unemployment stabilization proposition.
If, for the United States, exports are $450, imports are $320, net income from foreign investments is -$60, and net transfers from abroad is -$50, then the U.S. current account has a
A) deficit of $430. B) deficit of $110. C) surplus of $20. D) surplus of $130.