The stagflation of the 1970s is generally attributed to
a) the Cold War arms race
b) the introduction of large-scale computer systems into business
c) the opening of US markets to Japanese automobiles
d) increases in oil prices
e) changing cultural values regarding work and leisure
d) increases in oil prices
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The self-correcting property of the economy means that output gaps are eventually eliminated by:
A. increasing or decreasing potential output. B. government policy. C. decreasing inflation only. D. increasing or decreasing inflation.
If a good has zero external costs, then
A) marginal social cost equal marginal private cost. B) marginal social cost is greater than marginal private cost. C) marginal social cost is less than marginal private cost. D) we need more information to determine the relationship between private and social costs.
There is ________ to how much increases in labor inputs can increase real GDP per capita, and there is ________ to how much increases in labor productivity can increase real GDP per capita
A) a limit; a limit B) a limit; no limit C) no limit; a limit D) no limit; no limit
A game of incomplete information is distinct from one of complete information in that players:
a. do not observe each others' actions. b. do not know each others' payoff functions. c. do not know the timing of moves. d. use mixed strategies.