Test 11, Chapter 13 & 14

The Phillips curve describes a trade-off between interest rates and unemployment.

Your answer:
True False

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Classical economists believed that the best governmental policy is no policy at all.

Your answer:
True False

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The Phillips curve is stable over time.

Your answer:
True False

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Public goods have two distinct features: nonexclusiveness and nonrivalry.

Your answer:
True False

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The target population for government spending on space is everyone.

Your answer:
True False

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Both unemployment insurance and income taxes are examples of

Your answer:
Government regulation
Automatic stabilizers
Tax rates
Macro consensus
Economic cycle contributors


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The “natural rate of unemployment” is

Your answer:
the highest unemployment rate that can be tolerated
Affected by social programs
Not accepted among economists
Likely to be above 10 percent
Not an economic concept


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Which of the following is a public good?

Your answer:
genetic diversity
railroads
a space station
military aircraft
commercial aircraft


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Government spending results from the provision of

Your answer:
public goods
merit goods
redistribution
private goods
all of the above


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Social insurance programs do not provide

Your answer:
disability payments
unemployment income
medicare payments
retirement income
international aid


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