According to economists Robert Lucas and Thomas Sargent, the apparent short-run trade-off between unemployment and inflation in the 1950s and 1960s was the result of
A) unexpected changes in fiscal policy. B) unexpected changes in monetary policy.
C) expected changes in monetary policy. D) expected changes in fiscal policy.
B
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Assuming the standard assumptions, in a repeated-play ultimatum game, the first player's best strategy in the last round is to:
A. split the money evenly with a bit more going to him or herself. B. take all the money for oneself. C. give the most money to the opponent. D. give the most money to oneself.
The basic conservative solution to welfare dependency is _____________________.
Fill in the blank(s) with the appropriate word(s).
The marginal revenue product sets an upper limit to the wage rate an employer will pay.
Answer the following statement true (T) or false (F)
In a ________ exchange rate system the government or central bankers intervene to keep the exchange rate virtually steady.
A. market-driven B. forward C. managed float D. fixed