Which two types of goods are rival in consumption?
Private goods and common resources are rival in consumption.
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Both the long-run and the short-run Phillips curves shift if
A) the expected inflation rate changes. B) the expected unemployment rate changes. C) the natural unemployment rate changes. D) expected real GDP changes. E) the actual inflation rate changes.
If there is currently a shortage of dollars, which of the following would you expect to see in the foreign exchange market?
A) The dollar will appreciate. B) There will be an increase in the supply of dollars. C) There will be an increase in the demand for dollars. D) The dollar will depreciate.
A favorable supply shock would
A) shift the production function up and decrease marginal products at every level of employment. B) shift the production function down and decrease marginal products at every level of employment. C) shift the production function down and increase marginal products at every level of employment. D) shift the production function up and increase marginal products at every level of employment.
A horizontal demand curve for a firm implies that
A) the firm is a monopoly. B) the market the firm is operating in is not competitive. C) the firm is selling in a competitive market. D) the products of that firm are very different from other firms' products.