If people in countries that have had persistently high inflation are skeptical about efforts to reduce inflation, the short-run Phillips curve will remain far to the
a. left, and the sacrifice ratio will be low.
b. left, and the sacrifice ratio will be high.
c. right, and the sacrifice ratio will be low.
d. right, and the sacrifice ratio will be high.
d
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The quantity of labor an individual supplies to any market
a. always increases as the market wage rate rises b. is contingent upon the wage rates offered in other labor markets c. always decreases as the market wage rate rises d. could never be zero over the realistic range of wage rates e. depends only on the opportunity cost of the individual's time in other labor markets
When we assume that the supply of money is a variable that the central bank controls, we
a. must then assume as well that the demand for money is not influenced by the value of money. b. must then assume as well that the price level is unrelated to the value of money. c. are ignoring the fact that, in the real world, households are also suppliers of money. d. are ignoring the complications introduced by the role of the banking system.
A _______ monopoly is an industry in which it makes economic sense to have only one provider.
A. competitive B. natural C. original D. specific
If residents of the United States give more gifts to relatives abroad than they receive, unilateral transfers will be
A) positive. B) unaffected. C) negative. D) zeroed out.