_____ occurs when unobservable qualities are valued incorrectly because of a lack of information

Throughout U.S. history, entrepreneurial activity would occur when

(a) centralized economic planning was involved (b) distributed rights to profits were clear and protected (c) government intervention was pervasive (d) all of the above

If expectations are "rational," can the Fed control unemployment?

a. Yes, provided it announces policy in advance. b. Yes, if it affects the aggregate demand curve. c. No, because aggregate supply is vertical even in the short run. d. No, because only fiscal policy can affect unemployment.