In the graph showing the data for the short-run and long-run Phillips curve from 1961–1973, we can see that, in the early 1970s, ______.
a. the inflation rate remained high, but the unemployment rate remained low
b. the unemployment rate remained high, but the inflation rate remained low
c. both the unemployment and inflation rates were relatively low
d. both the unemployment and inflation rates were relatively high
d. both the unemployment and inflation rates were relatively high
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If your income goes up by 2% and, in response, the quantity demanded of good x falls by 3%, the good x can be considered
a. An inferior good b. A normal good c. A public good d. A private good
In 2007, the value of the American dollar rose relative to the euro
a. True b. False Indicate whether the statement is true or false
A customs union is:
a. a group of countries that agrees there will be "no rules" about trade—anything goes. b. a group of countries that agrees to eliminate customs fees and containerized shipping charges on goods traded among them. c. a group of countries agreeing to eliminate barriers to trade between themselves but keeping tariffs in place against the rest of the world. d. a group of countries that eliminates trade barriers among themselves and erects a common tariff against all other nations.
The ________ accommodates a much broader range of observed behavior than traditional economic models, but has been criticized because virtually any bizarre behavior can be explained by assuming people have a sufficiently strong taste for it.
A. present aim standard of rationality B. ultimatum bargaining game C. adaptive rationality standard D. availability heuristic