Due to a "baby bust" in the 1960s and 1970s, fewer people entered the labor market in the 1980s and 1990s
This demographic event ________ the natural unemployment rate thereby shifting the short-run Phillips curve ________ and shifting the long-run Phillips curve ________.
A) increased; leftward; rightward
B) decreased; rightward; rightward
C) decreased; leftward; leftward
D) increased; rightward; rightward
E) increased; rightward; leftward
C
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The Chunnel auto tunnel allows motorists to travel between England and France. As an alternative, there is ferry service across the English Channel. What would happen in the market for ferry service if fees for using the Chunnel were increased?
A) The demand for ferry service would increase. B) The demand for ferry service would decrease. C) There would be an upward movement along the demand curve for transits through the Chunnel. D) There would be a downward movement along the demand curve for transits through the Chunnel.
In the "Prisoners' Dilemma" game:
a. both players have a dominant strategy not to confess. b. only one player has a dominant strategy to confess. c. both players have a dominant strategy to confess d. neither player has a dominant strategy.
It may be necessary to ration a good whenever ___________ exists.
A. a surplus B. excess demand C. excess supply D. None of these choices are correct.
The main idea behind using fiscal policy to combat a recession is:
A. the government will make up for the decreased saving in the economy, preventing a downward spiral. B. the government will supplement the increased saving in the economy, contributing to an upward spiral. C. the government will make up for the decreased spending in the economy, preventing a downward spiral. D. the government will supplement the increased spending in the economy, contributing to an upward spiral.