Refer to Figure 2-9. Which country has a comparative advantage in the production of snow cones?
A) Greenland B) They have equal productive abilities.
C) Iceland D) neither country
C
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Use the following table to answer the next question.YearUnemployment Rate (%)Inflation Rate (%)14.03.024.52.535.02.045.53.056.04.5Consider years 1, 2, and 3. Based on this data, the Phillips curve is ________.
A. upward sloping B. vertical C. of indeterminate slope D. downward sloping
If four large commercial contractors meet and collude on the bids they are going to submit for a large government road contract, this is an example of ________.
A) bid suppression B) output restrictions C) bid rigging D) market division
When supply and demand analysis is used to study the exchange rate, foreign exchange is treated just like
a. a good or a service b. debt c. fiat money d. commodity money e. investment
To achieve long-run equilibrium in an economy with a recessionary gap, without the use of stabilization policy, the inflation rate must:
A. not change. B. increase. C. decrease. D. either increase or decrease depending on the relative shifts of AD and AS.