If resources are freely mobile and the nonmonetary benefits of supplying resources to alternative uses are identical, resources adjust across uses until they earn the same in different uses
Indicate whether the statement is true or false
true
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Which of the following industries is most likely closest to achieving perfect price discrimination?
A) the airline industry B) the wheat industry C) the textbook industry D) the toilet paper industry E) the soft drink industry
Tariff rates remained high in the U.S. throughout the postbellum period for which of the following reasons?
(a) The government needed revenues to finance its expenditures. (b) Special interest groups organized themselves to realize rents. (c) Land sales dwindled as the Western frontier closed. (d) All of the above.
Between 1860 and 1910, output in manufacturing, mining, and railroad freight hauling
a. expanded more rapidly than the labor force in these sectors. b. grew at about the same rate as the labor force in these sectors. c. grew more slowly than the labor force in these sectors. d. expanded, while the labor force in these sectors declined.
If the Fed responded to an adverse supply shock by increasing the growth rate of the money supply and maintained the higher growth rate, what would eventually happen to the short-run Phillips curve? Why?