Typical estimates of the sacrifice ratio suggest that about 10 percent of annual output has to be given up in order to reduce the inflation rate from
a. 8 percent to 4 percent.
b. 8 percent to 5 percent.
c. 7 percent to 5 percent.
d. 7 percent to 6 percent.
c
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Refer to the table above. Based on this information, we can conclude that Laborland has a ________
A) current account surplus B) current account deficit C) trade surplus D) budget deficit
A curve showing the lowest cost at which a firm is able to produce a given level of output in the long run is
A) a long-run production function. B) a long-run marginal cost curve. C) a minimum efficient scale curve. D) a long-run average total cost curve.
Which of the following statements regarding the Lorenz curve is FALSE?
A) A Lorenz curve is a geometric representation of the distribution of income. B) A Lorenz curve that is perfectly straight represents complete income equality. C) The less bowed is a Lorenz curve, the less equally income is distributed. D) The more bowed is a Lorenz curve, the more unequally income is distributed.
In 1973 the OPEC countries
A. lowered the price of oil by 50%. B. raised the price of oil by 50%. C. doubled the price of oil. D. quadrupled the price of oil.