Why are harder forms of liquor produced in "dry" counties in the U.S.?
A) Drinkers in dry counties only prefer liquor to beer and wine.
B) Producers only prefer to drink liquor.
C) Producers find liquor more efficient to produce, given the rules of the game.
D) Trick question: No liquor is produced in "dry" counties.
C
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If a country has a fixed exchange rate,
A) the equilibrium exchange rate in that market does not respond to changes in supply and demand for currency. B) the exchange rate is allowed to fluctuate in response to changes in the supply and demand for currency. C) central banks have more control over real GDP in the economy. D) central banks must buy and sell their holdings of currencies to maintain a given exchange rate.
Classical macroeconomists argue that the short-run Phillips curve ________ represent a usable trade-off for policymakers because ________
A) does; people have rational expectations B) does; people do not have rational expectations C) does not; people do not have rational expectations D) does not; people have rational expectations