According to Friedman and Phelps, policymakers face a tradeoff between inflation and unemployment
a. only in the long run.
b. only in the short run.
c. in neither the long run nor short run.
d. in both the short run and long run.
b
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Which of the following is a nontariff barrier policy tool?
(a) Sanitary regulations. (b) Average duties. (c) Phased liberalization. (d) Ad valorem tax.
How is state and local government funded and how does such funding differ from federal government funding?
What will be an ideal response?
A comprehensive tax of 15% on all forms of income with no deductions or exclusions is an example of a
A. regressive tax. B. progressive tax. C. rate tax. D. proportional tax.
An oligopolistic model in which firms produce exactly the same results as would exist if the industry was ________ is called the collusion model.
A. government regulated B. a monopoly C. monopolistically competitive D. perfectly competitive