Which of the following individuals first discovered the relationship between unemployment and inflation?
A) Solow
B) Samuelson
C) Friedman
D) Phillips
D
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According to this Application, after the government deceased cigarette taxes in several Canadian provinces in 1994, the decrease in the price of cigarettes in these provinces
A) increased the smoking rate by roughly 17 percent B) more than doubled the smoking rate. C) created no noticeable change in the smoking rate. D) was accompanied by a slight decrease in the rate of smoking.
In economics, the total amount received for selling a good or service is referred to as
A) revenue. B) factor payments. C) profit. D) capital gains.
Third-degree price discrimination exists when
A) the seller knows exactly how much each potential customer is willing to pay and will charge accordingly. B) different prices are charged by blocks of services. C) when the seller can separate markets by geography, income, age, etc., and charge different prices to these different groups. D) when the seller will bargain with buyers in each of the markets to obtain the best possible price.
Contractionary policies help correct a balance of payments deficit by
a. lowering domestic incomes but raising demand for imports b. raising domestic incomes but lowering demand for imports c. raising both domestic incomes and demand for imports d. lowering both domestic incomes and demand for imports e. lowering interest rates and increasing aggregate spending