When the cutthroat oligopolist raises their prices, their competitors will ___________.
Fill in the blank(s) with the appropriate word(s).
keep theirs the same
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Because of the choices people make in the pursuit of profit, new growth theory argues that
A) technology growth slows down in the long-run. B) population growth increases will bring real GDP per person back to subsistence level. C) the capital stock experiences diminishing returns. D) the economy can enjoy persisting economic growth.
Which of the following is NOT a measure of the general level of prices?
A) Consumer Price Index B) Producer Price Index C) GDP Deflator D) Personal Sales Deflator Index
A vocal minority of economists, believers in the theory of rational expectations, insist that
a. the Phillips curve is downward sloping even in the short run. b. the Phillips curve is vertical even in the short run. c. a trade-off exists between inflation and unemployment even in the long run. d. expansionary fiscal and monetary policy can reduce unemployment without creating inflation.
All of the following are transfer payments except
a. welfare payments. b. unemployment compensation. c. personal income taxes. d. Social Security.