Members of Congress promising to support each other's legislation is known as
A) explicit collusion. B) implicit collusion. C) logrolling. D) protectionism.
C
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When economists refer to "the invisible hand," what do they mean?
What will be an ideal response?
According to Friedman and Phelps, which of the following statements is a correct characterization of unemployment and inflation in the United States since the 1950s?
A) A trade-off between inflation and unemployment as pictured in the Phillips curve existed over the entire time period. B) A trade-off between inflation and unemployment as pictured in the Phillips curve existed in the 1970s and 1980s, but not over the entire period. C) The relationship between inflation and unemployment is very different from the Phillips curve. A positive relationship is evident rather than an inverse relationship. D) There is no clear relationship between unemployment and inflation.
If market interest rates fall, the selling price of existing bonds in the market will, ceteris paribus,
A. Fall. B. Rise. C. Not change. D. Rise or fall based on other market conditions.
If the opportunity cost of producing more of one good increases as more of that good is produced, then the production method is inefficient
Indicate whether the statement is true or false