One way in which the Phillips curve is misinterpreted is to think of it as
a. a model of economic activity that explains changes in unemployment and inflation by changes in aggregate demand.
b. a statistical relationship between inflation and unemployment.
c. depicting a number of alternative equilibrium points the economy could achieve.
d. All of the above.
c
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Which of the following is true of earnings from land?
a. An increase in economic rent leads to an increase in the supply of land. b. A decrease in transfer earnings from land leads to an increase in its demand. c. An increase in economic rent does not lead to an increase in the supply of land. d. A decrease in transfer earnings from land leads to a decrease in its supply. e. An increase in economic rent raises the elasticity of supply of land.
It has been said that well-educated citizens are necessary for democracy. Discuss this idea in economic terms. What market imperfection might occur and what are the appropriate government policies to correct it?
Legislation to protect red-cockaded woodpeckers created incentives that resulted in premature harvesting of trees the woodpeckers like to nest in. This is an example of which of the following?
a. Association is not causation. b. the fallacy of composition c. the use of ceteris paribus conditions in economic analysis d. Good intentions do not always lead to desirable outcomes.
RECLAIM refers to
a. one of the first state-level trading programs, which was developed in California b. a federal program for stationary sources to earn credits for reducing pollution c. a national program to refurbish older, polluting refineries d. the claiming of SO2 allowances that have been banked in a prior period