Samuelson and Solow argued that
a. high unemployment puts upward pressures on wages and prices.
b. given the historical evidence, a combination of low inflation and low unemployment was not possible.
c. Both A and B are correct.
d. None of the above are correct.
b
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An insurance company offering a high-deductible plan is an example of:
A. screening. B. signaling. C. statistical discrimination. D. building a reputation.
A given change in disposable income would have the greatest effect on consumption with which of the following marginal propensities to consume?
a. 0.4 b. 0.6 c. 0.8 d. 0.2
The dollar is said to depreciate against the euro if
a. the exchange rate falls. Other things the same, it will cost fewer euros to buy U.S. goods. b. the exchange rate falls. Other things the same, it will cost more euros to buy U.S. goods. c. the exchange rate rises. Other things the same, it will cost fewer euros to buy U.S. goods. d. the exchange rate rises. Other things the same, it will cost more euros to buy U.S. goods.
While there is no specific number of firms that must dominate an industry before it is an oligopoly, the number of sellers characterizes an oligopoly when
A. there are more firms than a monopolistically competitive market. B. there is a sufficient number of firms to satisfy the market demand. C. the firms are so large relative to the total market that they can affect the market price. D. the firms are so small relative to the total market that they cannot affect the market price.