Data for which country were first used to illustrate the relationship between unemployment and inflation (i.e., the original Phillips curve)?
A) France
B) United States
C) Canada
D) Germany
E) none of the above
E
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How is the effect of expansionary monetary policy depicted in an aggregate supply-aggregate demand graph?
A) The aggregate demand curve shifts rightward. B) The aggregate supply curve shifts leftward. C) The equilibrium level of income increases, but neither curve shifts. D) The aggregate supply curve shifts rightward.
Importers collect additional revenues from a ________, and governments collect additional revenues from ________
A) quota; import bans B) quota; tariffs C) tariff; voluntary export restraints D) voluntary export restraint; quotas
In his article, "The Nature of the Firm," Ronald Coase
a. suggested that monopolies may be more innovative than competitive firms b. argued that the economy should be organized into one large firm c. provided an answer to the question, "Why do firms exist?" d. focused on the concept of adverse selection e. analyzed concentration in U.S. industry
The four-firm concentration ratio for the cigarette market is 93%. This means that:
A. the four largest firms in the market produce 93% of the total market output. B. the market is an oligopoly. C. there is a high degree of concentration in the cigarette market. D. All of these