Inclusive property rights give an individual less options and lower incentives to avoid inefficient choices
Indicate whether the statement is true or false
F
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Which of the following could create a movement along the short-run Phillips curve so that the unemployment rate temporarily falls below the natural unemployment rate?
A) an increase in aggregate demand and a quickly responsive wage rate B) a decrease in aggregate demand and a sticky wage rate C) an increase in aggregate demand and a sticky wage rate D) an increase in aggregate supply and a sticky wage rate E) a decrease in aggregate demand and a quickly responsive wage rate
Which of the following is FALSE?
a. Maximizing division profits can sometimes lead to reducing company-wide profits b. Managers of profit centers are usually given a lot of discretion in their decision making c. Profit centers usually require the highest degree of attention by corporate headquarters d. A manager being rewarded on division revenues has the most incentive to make good decisions for his division
Define “producer surplus.”
Please provide the best answer for the statement.
Nonprice rationing devices are required
A. because the price system does not allocate resources efficiently. B. so that prices will go back to equilibrium. C. when there are price floors but not when there are price ceilings. D. to allocate goods when there is a price ceiling.