Robert Lucas and his followers have argued that the Philips curve appears to be:
a. a vertical line.
b. a horizontal line.
c. a negatively-sloped curve.
d. a positively-sloped curve.
a vertical line.
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Refer to Figure 18.3. Livonia has a comparative advantage in the production of
A) pogo sticks. B) scooters. C) both scooters and pogo sticks. D) neither scooters nor pogo sticks.
The table above gives the utility Andy receives from different quantities of vanilla ice cream cones. Complete the table
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Breezey Cola and High-Ten Dew are both large soft drink manufacturers that cover almost the entire market for cola. At the same time, there are 45 small firms that produce pulpy fruit juice. In the given scenario, which of the following statements is true?
a. The cola industry is likely to be a monopoly, while the pulpy juice industry is likely to be monopolistically competitive. b. The cola industry is likely to be monopolistically competitive, while the pulpy juice industry is likely to be an oligopoly. c. The cola industry is likely to be an oligopoly, while the pulpy juice industry is likely to be monopolistically competitive. d. Both industries operate in an oligopolistic market structure.
If the government's expenditures are $1.5 trillion and its tax revenues are $2.2 trillion, the government is running a budget...
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