If inflationary expectations are quite sluggish (that is, they do not adapt quickly), then the short-run Phillips curve will
a. be vertical.
b. be horizontal.
c. slope downward.
d. slope upward.
c
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Indicate whether the statement is true or false
Scarcity implies that
A) the satisfaction of one person's want means another person's want can also be satisfied. B) the satisfaction of one person's want means another person will be more than satisfied. C) the satisfaction of one person's want means another person's want cannot be satisfied. D) no person's wants can be satisfied.
Which of the following statements is least accurate with regard to immigration after the Civil War?
a. The number of immigrants fluctuated dramatically until World War I. b. The proportion of immigrants from Northern and Western Europe fell dramatically. c. The cost of crossing the Atlantic was much lower than it was in earlier decades. d. A growing network of relatives in the US could help immigrants find jobs and places to live. e. The majority of immigrants moved to the Midwest to take advantage of the excellent farming opportunities.
Which is the most accurate statement?
A. The Japanese and Chinese bear most of the blame for our huge trade deficit. B. Our trade deficit with China has been rising more rapidly than our trade deficit with Japan. C. Our combined trade deficits with Japan and China now total about $100 billion. D. Most economists agree that the best way to reduce our trade deficit would be to impose high tariffs on our imports from Japan and China.