Which of the following argued that a long-run trade-off between inflation and unemployment could not exist?
A) Friedman and Phelps
B) Hicks and Hansen
C) Modigliani and Friedman
D) Lucas and Sargent
E) Tobin and Jorgenson
A
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Refer to Figure 15-1. Which of the following statements about the firm depicted in the diagram is true?
A) The fact that this firm is a natural monopoly is shown by the long-run average total cost curve still falling when it crosses the demand curve. B) The fact that this firm is a natural monopoly is shown by the continually declining market demand curve as output rises. C) The fact that this firm is a natural monopoly is shown by the fact that marginal cost lies below the long-run average total cost where the firm maximizes its profits. D) The fact that this firm is a natural monopoly is shown by the continually declining marginal revenue curve as output rises.
Which of the following activities, if any, represents an external cost? a. The reduction in the incidence of chicken pox when children are inoculated against the disease. b. The damage to a person's health from secondhand smoke
c. The increase in local property values when the city creates a neighborhood park. d. The price you pay for the prime rib that you consume at a local restaurant.
The budget deficit
a. is the value of the government's indebtedness at a moment in time. b. was $13.5 trillion in fiscal 2014. c. is the amount by which the government's expenditures exceed receipts during a specific time period. d. All of the above are correct.
Refer to the figure below, which shows three supply curves for corn. Which of the following would cause the supply of corn to shift from S1 to S2?
A. An increase in the price of fertilizer
B. A change in consumer tastes away from cornbread
C. A decrease in consumer incomes, assuming corn is a normal good
D. The development of a more effective insecticide against corn rootworm