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
D
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Unless you accept his 'final offer' your opponent threatens to scrap the whole deal:
a. His threat is more believable if both parties would be harmed by scrapping the deal b. His threat is more believable if he has better outside options c. His threat is more believable if only he is hurt from the deal falling through d. His threat is more believable if he has balked at this course of action in the past
Most economists believe that classical theory describes the world
a. in the short run. b. in the long run. c. in both the short run and the long run. d. in neither the short run nor the long run.
What is meant by the term "incentives," and why are they important?
What will be an ideal response?
Suppose the market for grass seed can be expressed as Demand: QD = 100 - 2p Supply: QS = 3p If government imposes a 10% ad valorem tax to be collected from sellers, what is the price consumers will pay? How much tax revenue is collected?
What will be an ideal response?