According to the modern expectational Phillips curve illustrated inFigure 15-2 , unemployment will temporarily rise above the natural rate of unemployment when
a. inflation turns out to be lower than what people expected.
b. inflation turns out to be higher than what people expected.
c. inflation turns out to be equal to what people expected.
d. all of the above are true.a
b
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Negative externalities might be reduced by creating new rights, which we would describe as ________
A) adjudication B) remuneration C) legislation D) substantiation E) reparation
Refer to Figure 10.3. What price will the monopsonist pay when maximizing profit?
A) P1 B) P2 C) P3 D) P4 E) P5
A free rider is a person who:
a. is harmed by another's actions. b. is subject to a negative externality. c. receives benefits from someone else's action but does not pay for them. d. pays less than the full value for a product. e. won the state lottery.
An individual consumes only hamburgers and milkshakes. The last hamburger consumed yields 25 utils of satisfaction, while the last milkshake consumed yields 10 utils of satisfaction. If the price of a hamburger is $2.50 and the price of a milkshake is $1.50, we can conclude that: a. the consumer should consume more hamburgers and fewer milkshakes. b. the consumer should consume more milkshakes
and fewer hamburgers. c. the consumer has achieved consumer equilibrium. d. the consumer should buy only milkshakes.