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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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
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