Given the accelerationist Phillips curve ?? = - 0.7 (U - 5 ) + ?, suppose that inflation has increased from 8 percent to 10 percent. If the unemployment rate is 4 percent, then the price shock is ________
A) 2.7 percent
B) 0.6 percent
C) 1.3 percent
D) 1 percent
E) none of the above
C
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Markets fail to allocate resources efficiently when
a. demanders and suppliers cannot agree on a price. b. goods are rival in consumption and excludable. c. property rights are not well established. d. too many buyers and sellers exist in the same market.
Suppose the voters in a small country are choosing between two options, A and B. After the voting is complete it is discovered that option A received 100% of the votes with option B receiving no votes. After the vote, however, the country's leader decides that option B is better for the people and implements B rather than A. The voting system in this country fails which of Arrow's properties of a
desirable voting system? a. unanimity b. transitivity c. independence of irrelevant alternatives d. No dictators
An appreciation is:
A. a decrease in the value of currency. B. a decrease in the trade deficit. C. an increase in the trade surplus. D. an increase in the value of currency.
All of the following are examples of nonpoint source pollution EXCEPT
a. urban runoff c. agricultural runoff b. sulfur emissions from power plants d. snowmelt from city streets