In the 1960s, the Phillips curve was ________
A) consistent with a positive relationship between inflation and unemployment
B) suggestive of a temporary trade off between inflation and unemployment
C) a very popular explanation for inflation fluctuations
D) all of the above
E) none of the above
C
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Legally established titles to the ownership, use, and disposal of factors of production are referred to as
A) property rights. B) Coase rights. C) pollution rights. D) emission rights. E) price-setting rights.
Refer to Table 15-2. What is the profit-maximizing quantity and price for the monopolist?
A) Quantity = 10 cases, Price = $7 B) Quantity = 8 cases, Price = $9 C) Quantity = 7 cases, Price = $10 D) Quantity = 9 cases, Price = $8
Why do airlines tend to lower ticket prices in the winter?
a. Supply is relatively variable, and a drop in demand lowers equilibrium price. b. Demand is relatively variable, and a drop in supply lowers equilibrium price. c. A drop in both supply and demand lowers equilibrium price. d. Supply is relatively fixed, and a drop in demand lowers equilibrium price. e. Demand is relatively fixed, and a drop in supply lowers equilibrium price.
Assume a country is in a fixed exchange rate regime. Now suppose that individuals expect that policy makers will devalue its currency. Explain the various actions that policy makers can choose in response to this expected devaluation
What will be an ideal response?