The demand for labor is derived from the
A. demand for leisure.
B. supply of labor.
C. demand for final-output goods.
D. supply of final-output goods.
Answer: C
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In the 1960s, many economists and policy makers considered the trade-off between inflation and unemployment revealed in the Phillips curve to be permanent
This belief was challenged by ________, who argued that there is no trade-off between inflation and unemployment and the long run. A) Paul Samuelson and James Tobin B) Robert Lucas and Thomas Sargent C) Finn Kydland and Edward Prescott D) Milton Friedman and Edmund Phelps
Which of the following best describes real-world U.S. markets?
a. In most markets, the firms face steep demand curves for their output. b. They combine characteristics of monopolistic competition, oligopoly, and monopoly. c. Effective competition exists in only about 25 percent of those markets. d. The dominant share of U.S. manufacturing output is produced by firms with the power to vary their prices over a wide range. e. Perfect competition is useful as a model for very few U.S. markets.
Which of the following features would characterize a good monetary policy instrument?
A. Tightly linked to monetary policy objectives. B. Controllable and rigid. C. Observable only to monetary policy officials. D. Difficult to change.
Product differentiation allows a firm to compete with another firm on the basis of
A) efficiency. B) elasticity. C) quality, price, and marketing. D) the level of output and the price. E) demand.