In the United States, price-fixing arrangements among firms are
a. legal.
b. illegal only if a court decides that the prices fixed are unreasonable.
c. illegal only if a court has concrete evidence that the firms explicitly colluded.
d. illegal.
d
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Milton Friedman in his book on consumption function, discussed the importance of _____, rather than _____, to understand consumer spending
a. savings; expenditure b. permanent income; current income c. money supply; real output d. wages; savings e. real output; prices
A superior level of technology is an important reason the productivity of workers in rich countries is high
a. True b. False Indicate whether the statement is true or false
If the Federal Reserve wants to reduce inflation from 4 percent to 3 percent permanently, how can that goal be achieved, and what impact will that have on employment in the short run and the long run? Support your answer with a graph of the Phillips
curve in the short run and the long run.
________ policies refer to government programs designed to exploit natural comparative advantage by increasing production of a few export goods most closely related to a country's resource base
A) Comparative advantage B) Primary-export-led development C) Import-substitution development D) Inward-looking development