Since individual consumers do not know how much of the price they pay for a commodity is due to protection, consumers rarely lobby their political representatives to eliminate protection and reduce prices

In the fall of 2007, most economists felt that the

a. unemployment was at the natural rate. b. unemployment rate was below the natural rate. c. inflation rate was above the natural rate. d. inflation rate was below the natural rate.

As a general rule, when an income tax is added to the basic macroeconomic model, what happens to the consumption schedule?

a. It will shift downward. b. It will shift upward. c. It will become flatter. d. It will become steeper.