The short-run Phillips curve shifts when
A) the actual inflation rate changes and also when the expected inflation rate changes.
B) the inflation rate increases and also when the unemployment rate decreases.
C) the expected unemployment rate changes and also when the expected inflation rate changes.
D) the natural unemployment rate changes and also when the expected inflation rate changes.
E) the actual unemployment rate changes and also when the expected unemployment rate changes.
D
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Robert Nozick asserts that fairness and efficiency result if
A) there are price ceilings in the market. B) there are external benefits and external costs in the market. C) voluntary exchange occurs. D) public goods are provided by government.
Which of the following is associated with the creation of human capital?
a. a farmer buys more land b. a robot replaces a worker c. a worker replaces a robot d. a worker spends less time on the job e. a worker attends training classes
A firm charged with monopolizing a market is less likely to be convicted if:
A. the court accepts a broad definition of the market. B. the court accepts a narrow definition of the market. C. it has gained its monopoly through abusive means. D. it sells its product to other firms, rather than directly to consumers.
The prisoner's dilemma and the problem of the cartel are very similar. In both cases,
A. noncooperation would improve the outcome, but it rarely happens. B. noncooperation is an instable solution. C. cooperation would improve the outcome, but it rarely happens. D. cooperation is the only solution.