Large differences in inflation rates among countries are almost always the result of large differences in
A) productivity.
B) real income growth.
C) the growth rates of real money demand.
D) the growth rates of nominal money supplies.
D
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Auto and steel workers commonly experience this type of unemployment in a recession
A) frictional unemployment B) cyclical unemployment C) structural unemployment D) natural unemployment rate
Under monopolistic competition, firms produce ________ products and have long-run profits that are ________ (net of fixed costs).
A. differentiated; positive B. differentiated; close to zero C. homogenous; positive D. homogenous; close to zero
Reducing protectionism allows greater gains from free trade.
Answer the following statement true (T) or false (F)
In the Utah Pie case, the economic effect of the Supreme Court decision was to:
A. prohibit the merger of two small pie companies. B. encourage competition by ruling that the national competitors had engaged in illegal price discrimination. C. encourage competition by ruling that the national competitors had not engaged in illegal price discrimination. D. discourage competition by national competitors in the Salt Lake City market.