Incorporating the Phillips curve into the aggregate supply curve
a. lengthens the horizontal segment and shortens the vertical
b. lengthens the vertical segment and shortens the horizontal
c. creates an upward-sloping segment after the vertical and before the horizontal segments
d. creates an upward-sloping segment after the horizontal and before the vertical segments
e. creates a downward-sloping segment after the horizontal and before the vertical segments
D
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The Fed controls the money supply in the U.S. economy largely through its ability to influence bank reserves and the money creating power of commercial banks
a. True b. False Indicate whether the statement is true or false
Economics can decide
a. the appropriate trade-off between fairness and efficiency. b. which pricing arrangements are fair and which are unfair. c. whether a pricing decision will impose heavy inefficiency costs on society. d. All of the above are correct.
The private market:
a. tends to overproduce public goods because they are nonrivlarous b. can produce public goods more efficiently than the government can c. earns excessive profit on public goods
In what way are entrepreneurs residual claimants?
What will be an ideal response?