Long-run economic profits would most likely exist in which market structure?
A) monopoly, monopolistic competition, and oligopoly
B) monopoly and monopolistic competition
C) monopoly only
D) monopoly and oligopoly
D
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The Monetarist model expands the Keynesian model by proposing that
A) decreases in the quantity of money lead to higher interest rates. B) the government should lower taxes promote economic growth. C) decreases in tax rates generate higher consumption. D) decreases in the growth rate of the quantity of money trigger expansions by controlling inflation. E) markets should be left alone to determine the optimal outcome.
If demand is perfectly inelastic, then the demand curve will be vertical
a. True b. False Indicate whether the statement is true or false
If the CPI was 102.4 in Year 1 and was 105.7 for Year 2, then the rate of inflation between Year 1 and Year 2 was:
(a) 2.2%. (b) 3.2%. (c) 4.2%. (d) We need more information to calculate it.
The long-run response to a decrease in the money supply growth rate is shown by shifting
a. the short-run and long-run Phillips curves left. b. the short-run and long-run Phillips curves right. c. only the short-run Phillips curve left. d. only the short-run Phillips curve right.