Milton Friedman argued that the economy is not in long-run equilibrium if the expected inflation rate __________ the actual inflation rate
A) is less than
B) is greater than
C) equals
D) a and b
D
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Which of the following changes will occur to the market for movie tickets when the cost of electricity to operate the air conditioner rises dramatically.
A . The supply curve will shift out, causing the price to increase and the quantity to decrease. B. The supply curve will shift out, causing the price to decrease and the quantity to increase. C. The supply curve will shift in (up and back), causing the price to decrease and the quantity to increase. D. The supply curve will shift in (up and back), causing the price to increase and the quantity to decrease.
Suppose lawyers seek legislation to limit the use of computer software that enables people to use their personal computers to self-prepare their own wills, trusts, and other legal documents. This is an example of:
A. logrolling. B. the principal-agent problem. C. rent-seeking behavior. D. limited and bundled choices.
Table 7.2 contains price, demand, and cost data for the Capri Theater, the only first-run movie theater in a small town. What is its revenue from students under the single price policy?
A. $150 B. $180 C. $450 D. $540