The long-run Phillips curve is
A) vertical.
B) horizontal.
C) upward sloping.
D) downward sloping.
A
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Explain why the transactions costs involved with trying to acquire 100 acres of land from one landowner are probably going to be less than the transactions costs involved with trying to acquire 10 acres of land from each of 10 different landowners
What will be an ideal response?
What is a natural monopoly and what problem does natural monopoly pose for regulators?
What will be an ideal response?
Trade contributes to prosperity because:
A. every country lacks some vital resources that it can get economically only by trade. B. each country's climate makes it a relatively efficient producer of some goods, and an inefficient producer of other goods. C. each country's labor force makes it a relatively efficient producer of some goods, and an inefficient producer of other goods. D. all of the above.
When government tax revenues change automatically and in a countercyclical direction over the course of the business cycle, this is an example of:
A. the cyclically adjusted budget. B. impounding. C. money creation. D. built-in stability.