An increase in the world price of oil will result in ________.
What will be an ideal response?
stagflation
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Potential GDP refers to the level of
A) real GDP in the short run. B) real GDP in the long run. C) nominal GDP in the long run. D) nominal GDP in the short run.
In the prisoner's dilemma:
A. a dominant strategy exists for only one player. B. a non-cooperative outcome is predicted. C. a cooperative win-win outcome can be predicted. D. All of these statements are true.
The nice thing about a pollution tax is that it
a. eliminates pollution b. forces cleanup to occur c. is imposed only on the market with the externality d. creates new property rights e. creates positive externalities to compenstate for negative externalities
In 1993, the base year, you were earning $400/week. Your wages rose to $550 in 2001, the current year, when the Consumer Price Index stood at 137.5. What statement can you make about what happened to your real wages over this period?
A. They rose. B. They fell. C. They remained the same. D. There is not enough information to determine whether they rose, fell, or remained the same.