Based on the graph showing the run-up of nominal home prices, between 2000 and 2006, home prices increased at______.
a. about the same pace they always had
b. a much slower pace than they always had
c. a much faster pace than they always had
d. a slightly faster pace than they always had
c. a much faster pace than they always had
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What is the Phillips curve? What does the Phillips curve suggest about optimal policy?
What will be an ideal response?
The above diagram shows the cost curves for a perfectly competitive wheat farmer
At what price(s) does the wheat farmer make an economic profit? Make zero economic profit? Incur an economic loss? How many bushels of wheat does the farmer produce if the price is $3 per bushel? If the price is $0.50 per bushel?
Suppose that a worker in Country A can make either 25 bananas or 5 tomatoes each year. Country A has 200 workers. Suppose a worker in Country B can make either 18 bananas or 6 tomatoes each year. Country B has 400 workers. Suppose Country B decides to specialize in tomatoes, and Country A specializes in bananas. What terms of trade would both countries agree to? One tomato for:
A. four bananas B. six bananas C. one banana D. two bananas
Rawls's thought experiment of the "original position" behind the "veil of ignorance" is meant to draw attention to the fact that
a. the rich have so much money that they don't know how to spend it all. b. outcomes are efficient only if everyone begins with equal opportunity. c. most of the poor do not know how to find better jobs and escape poverty. d. the station of life each of us was born into is largely a matter of luck.