If expected inflation falls, the long-run Phillips curve will
A) shift to the left. B) shift to the right.
C) become negatively sloped. D) not be affected.
D
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Using a credit card can best be likened to
A) taking out a loan. B) a barter exchange. C) using currency only as a means of payment. D) using any other form of money as a means of payment.
Economist Kenneth Arrow has shown mathematically that no system of voting will consistently represent the underlying preferences of voters. This finding is called
A) Arrow's median voter model. B) Arrow's Amendment to the public choice model. C) Arrow's majority vote paradox. D) the Arrow impossibility theorem.
If the price of a resource reaches the choke price, that means that
a. The physical reserves are zero b. The economic reserves are zero c. The environmental costs have been fully internalized d. Environmental costs need to be internalized e. Prices will continue to fall
A singer would willingly perform in a concert for $10,000. If she is paid $25,000 for the concert, she is
A) receiving $25,000 to cover her opportunity cost. B) not being paid her full opportunity cost. C) receiving $15,000 of economic rent. D) certainly being paid more than warranted by the level of demand.