Most economists today believe that the Phillips curve is
a. vertical in the short run but downward sloping in the long run.
b. upward sloping in the short run but vertical in the long run.
c. downward sloping in the short run but vertical in the long run.
d. vertical in the short run but upward sloping in the long run.
c
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Which of the following would typically be considered a cost of economic growth?
A) increased illiteracy B) decreased levels of health C) increased poverty D) urban congestion
As the market wage increases:
a. the income effect normally influences you to work more. b. the income effect normally influences you to work less. c. the substitution effect normally influences you to work less. d. the substitution effect normally influences you to involve in nonmarket work.
Who was Adam Smith?
What will be an ideal response?
It is the custom for paper mills located alongside the Layzee River to discharge waste products into the river. As a result, operators of hydroelectric power-generating plants downstream along the river find that they must clean up the river's water before it flows through their equipment.
A. external cost resulting from the production of hydroelectric power. B. underproduction of paper in the mills. C. overproduction of paper in the mills. D. overproduction of power by the hydroelectric plants.