The potential output of an economy is _____
Fill in the blank(s) with the appropriate word(s).
also referred to as the natural rate of output.
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What is meant by the "law of one price"? In discussing the law of demand, Hubbard and O'Brien claim there has been no evidence of an exception to the law (that is, no evidence of an upward-sloping demand curve)
Are there exceptions to the law of one price?
Which of the following legal subjects is most concerned with the economic function of the legal system?
A) criminal law B) public goods C) antitrust legislation D) civil rights
Which of the following is true of cost-push inflation?
a. Cost-push inflation is associated with an economic expansion. b. Cost-push inflation is rarely experienced in developed economies. c. Cost-push inflation is caused by a decrease in aggregate supply. d. Cost-push inflation is identical to demand-pull inflation. e. Cost-push inflation is the result of increased consumer spending.
The Occupational Safety and Health Administration (OSHA) has determined that 100 workers are exposed to a hazardous chemical used in the production of diet soft drinks. The cost of imposing a regulation that would ban the chemical is $10 million. OSHA has calculated that each person saved by this regulation has a value equal to $10 million. If the benefits are exactly equal to the costs, what
probability is OSHA using to assess the likelihood of a fatality from exposure to this chemical? a. 0.001 b. 0.01 c. 0.1 d. 1.0