A common resource is best described as a resource where
A) there is a positive externality in consumption.
B) there is a negative externality in consumption.
C) there is a positive externality in production.
D) there is a negative externality in production.
B
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Answer the following statements true (T) or false (F)
1. A rightward shift of the Phillips Curve suggests that a lower rate of unemployment is associated with each inflation rate. 2. In the context of the Phillips curve, stagflation can only be understood as a rightward shift of the curve. 3. A stable Phillips curve does not allow for the possibility of stagflation. 4. The implication of the long-run Phillips Curve is that there is no trade-off between inflation and unemployment in the long-run. 5. The long-run Phillips Curve is essentially a horizontal line at the economy's natural rate of inflation.
Published in 1776, ________ was written by Adam Smith
A) "An Inquiry into the Nature and Causes of the Wealth of Nations" B) "The Declaration of Economics" C) "The General Theory of Employment, Interest, and Money" D) "The Communist Manifesto"
Lyndon Johnson’s “War on Poverty” started in the 1980s.
Answer the following statement true (T) or false (F)
The oversimplified money multiplier formula, when the required reserve ratio is m, is
A. change in money supply = change in reserves × m. B. change in money supply = (1 / m) / change in reserves. C. change in money supply = (1 / m) × change in reserves. D. change in money supply = m / change in reserves.