By about 1973, U.S. policymakers had learned that
a. there is no trade-off between inflation and unemployment in the short run.
b. there is no trade-off between inflation and unemployment in the long run.
c. Friedman's analysis of inflation and unemployment had been correct, and Phelps's analysis of inflation and unemployment had been incorrect.
d. Phelps's analysis of inflation and unemployment had been correct, and Friedman's analysis of inflation and unemployment had been incorrect.
b
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Market equilibrium occurs where the quantity supplied is equal to the quantity demanded
Indicate whether the statement is true or false
Total market supply can be derived by
A) horizontally summing individual supply curves at each and every price level. B) vertically summing individual supply curves at the current technology level. C) adding up the largest quantity demanded at various prices. D) looking at the changes in the price of raw materials needed to produce the product.
An increase in the wages paid to fishermen will have what effect on the fish market equilibrium?
a. Price will decrease, and quantity will decrease. b. Price will increase, and quantity will increase. c. Price will decrease, and quantity will increase. d. Price will increase, and quantity will decrease. e. Price and quantity will stay the same.
Pollutants that have a short-term impact and then dissipate are called
a. Stock pollutants b. Flow pollutants c. Cumulative pollutant d. Global pollutants e. Transferable pollutants