The origin of the idea of a trade-off between inflation and unemployment was a 1958 article by
A) A.W. Phillips.
B) Edmund Phelps.
C) Milton Friedman.
D) Robert Gordon.
A
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Which of the following must be true about functions in the duality picture:
A. The utility function is homogeneous of degree 1. B. The indirect utility function is homogeneous of degree 1 in income. C. The uncompensated demand functions are homogeneous of degree 1. D. Both (a) and (b). E. Both (b) and (c). F. Both (a) and (c) G. All of the above. H. None of the above.
What do you believe is one of the chief criticisms of the Coase Theorem that render it useless in real-world situations
What will be an ideal response?
Production of a good produces pollution that is very damaging with each additional unit. A monopoly facing a very elastic demand curve will most likely produce
A) less than the social optimum of the good. B) more than the social optimum of the good. C) the social optimum of the good. D) no externality.
One reason the housing bubble occurred is because:
A. the recency effect caused homes to typically be undervalued. B. the herd instinct caused everyone to believe home prices would continue to fall. C. securitization removed much of the risk from the sellers of subprime mortgages. D. All of these statements are true.