According to monetarists, the natural rate theory
a. denies the tradeoff between inflation and output.
b. argues that there is a stable tradeoff between inflation and output.
c. shows that activist policies work best.
d. believes that the Phillips curve relationship breaks down when policymakers attempt to use it.
D
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Suppose it takes Paul 3 hours to bake a cake and 2 hours to move the lawn, and suppose it takes Tom 2 hours to bake a cake and 1 hour to mow the lawn. Which of the following statements is correct?
A. Paul has the comparative in baking cakes B. Paul has the comparative in mowing the lawn C. Paul has the absolute advantage in baking cakes D. Paul has the absolute advantage in mowing the lawn.
If a country bans the importation of a particular good, the market equilibrium is shown by the intersection of the foreign demand curve and the domestic supply curve
Indicate whether the statement is true or false
Much of the responsibility for implementing and enforcing equal employment opportunity has been taken over by individuals and the courts
Indicate whether the statement is true or false
The second step of the four step process is to
a. identify the new equilibrium and then compare the original equilibrium price and quantity to the new equilibrium price and quantity. b. decide whether the economic change being analyzed affects demand or supply. c. draw a demand and supply model before the economic change took place. d. decide whether the effect on demand or supply causes the curve to shift to the right or to the left, and sketch the new demand or supply curve on the diagram.