Milton Friedman and Edmund Phelps contributed which insight(s) to Phillips curve analysis?
A) that inflation is directly related to expectations of future inflation
B) that inflation is negatively related to the unemployment gap
C) that in the long run unemployment will be at the natural rate
D) all of the above
E) none of the above
D
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What fraction of developing countries have recently experienced some form of significant interethnic conflict?
a. less than one-tenth b. a tenth to one-quarter c. one quarter to one half d. over one half
In a cartel, firms jointly act as
A) a monopolistic competitive firm. B) a perfectly competitive firm. C) a monopoly firm. D) an oligopolistic firm.
Ed Van Zaig is considering opening a sushi bar. To do so, he would have to quit his current job, which pays $20,000 a year, and use a building that he owns and currently rents to his brother for $6,000 a year. His costs at the sushi bar would be $50,000 for food and $2,000 for gas and electricity. What are his implicit costs?
a. $26,000 b. $66,000 c. $78,000 d. $52,000 e. $72,000
Suppose a family's consumption exceeds its disposable income. This means that its:
A. MPC is greater than 1. B. MPS is negative. C. APC is greater than 1. D. APS is positive.