Producing a differentiated product occurs in which of the following industries?
A) oligopoly, monopolistic competition, and perfect competition
B) monopolistic competition and oligopoly
C) monopolistic competition only
D) oligopoly only
B
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Some economists argue that the short-run Phillips curve is not vertical, and that monetary policy can be effective in the short run. Which one of the following is not one of the reasons for this skepticism?
A) Wages and prices may not adjust rapidly enough to keep the short-run Phillips curve vertical. B) Individuals may not be able to use information of Fed Policy to make a reliable forecast of inflation. C) Empirical evidence shows workers and firms have rational expectations. D) Contracts with workers and suppliers may hinder firms' abilities to adjust to price changes.
Refer to Figure 14.1. Other things equal, an increase in transfer payments is best represented as a movement from
A) point A to point B. B) point B to point A. C) point C to point A. D) point B to point C.
Which of the following will improve your salary bargaining position
a. Wait until the large project you were integral to is completed b. Wait until your employer has hired many others with similar skills as yours' c. Wait until your employer has invested greatly into a long-term project you lead d. Wait until your employer buys new machinery that you are incapable of operating
An example of a good or service that would not count in the U.S. GDP would be:
A. a car made by Toyota in Tennessee. B. a car made by Ford in Michigan. C. sneakers made by Nike in Indonesia. D. sneakers made by New Balance in Ohio.