Which of the following can lead to an oligopoly?
a. Product differentiation
b. Existence of too many sellers
c. Some form of barrier to entry
d. Availability of close substitutes
c
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If the short-run Phillips curve has a very steep slope, the
a. structural deficit will grow during inflation. b. structural deficit will fall during recession. c. inflation costs of reducing unemployment are relatively low. d. inflation costs of reducing unemployment are relatively high.
Ben's nominal annual income in 2009 was $40,000. If the rate of inflation is constant at 10 percent, in order to keep Ben's real income constant, his nominal income in the year 2010 should be:
A. $50,000. B. $44,000. C. $40,000. D. $36,000.
In 2011, the research of Professors Thomas Sargent and Christopher Sims led to ______.
a. the invalidation of rational expectations theory b. the creation of rational expectations theory c. a Nobel prize d. growth in real GDP
Real income per person was the same until:
A. the 1800s, when the Industrial Revolution caused it to grow. B. Real income per person has been roughly the same for the last three centuries. C. the 1900s, when wireless technology caused it to grow. D. the 1500s, when the Renaissance caused it to grow.