Refer to the diagram. Point b on short-run Phillips Curve PC 1 represents a rate of:
A. inflation below the natural rate.
B. inflation above the natural rate.
C. unemployment above the natural rate.
D. unemployment below the natural rate.
D. unemployment below the natural rate.
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Policy B will be judged to be better than another by the Pareto criterion when
a. Policy B is preferred unanimously. b. Policy B would win a majority of votes. c. there is no deadweight loss associated with Policy B. d. any fair minded person would recognize that Policy B is fair and equitable.
Copyrights, which grant special privileges to artists, musicians, and writers
A) destroy property rights. B) expand property rights. C) neither destroy nor expand property rights because they are part of the Bill of Rights. D) both destroy and expand property rights.
The fundamental force driving international trade is comparative _______
A. advantage: a country exports those goods that have high prices B. abundance: the country that produces more than it needs exports the good C. advantage: the country with the lower opportunity cost of production exports the good D. cost: a country trades with other countries that produce cheaper goods
Which of the following factors are considered by economists who study economic development to be directly related to the rate of economic growth?
A) plentiful natural resources B) openness to international trade C) an educated population D) All of the above are correct.