Based on the Phillips Curve, when the actual rate of inflation is greater than the expected rate, the unemployment rate will:
A. Rise temporarily, but decreases in nominal wages will bring the expected and actual rates of inflation into balance
B. Rise temporarily, but increases in nominal wages will bring the expected and actual rates of inflation into balance
C. Fall temporarily, but increases in nominal wages will bring the expected and actual rates of inflation into balance
D. Fall temporarily, but decreases in nominal wages will bring the actual and expected rates of inflation into balance
C. Fall temporarily, but increases in nominal wages will bring the expected and actual rates of inflation into balance
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An auction of the leases to drill for natural gas on about 55,000 acres on the Roan Plateau in western Colorado in August 2008 generated nearly $114 million, a record high for onshore energy lease sales in the lower 48 states
What is going on in the rental market for land? A) There is a decrease in the value of marginal product for an acre on the Roan Plateau, leading to an increase in the equilibrium rental rate. B) There is an increase in the value of marginal product for an acre on the Roan Plateau, leading to a decrease in the equilibrium rental rate. C) There is an increase in the supply of acreage on the Roan Plateau, leading to an increase in the equilibrium rental rate. D) There is an increase in the value of marginal product for an acre on the Roan Plateau, leading to an increase in the equilibrium rental rate.
Which of the following is a transfer payment? I. Social Security II. Unemployment benefits
A) I only B) II only C) Both I and II D) Neither I nor II
Which one of the following is a way to get out of a repeated Prisoner's Dilemma Nash Equilibrium?
a. Start by cooperating b. Start the game by punishing the rivals c. Start the game by cheating on the rivals d. All of the above
Which of the following is the best example of an artificially scarce good?
a. premium cable channels b. lobster c. college classes d. gasoline