The ________ curves are both vertical
A) long-run aggregate supply and long-run Phillips
B) aggregate demand and short-run Phillips
C) short-run aggregate supply and short-run Phillips
D) long-run aggregate supply and short-run Phillips
A
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Which of the following sets of goods might, under the right circumstances, be substitutes for water?
A) Milk and juice B) Beer and wine C) Stones and bricks D) A, B, and C above are all potential substitutes for water. E) A and B above are potential substitutes for water, but C (stones and bricks) can never be substitutes for water in the real world.
In a market with an external cost, government action
A) cannot decrease the amount of the deadweight loss from the external cost. B) can sometimes help to achieve an efficient outcome. C) cannot alter firms' cost curves. D) Both answers A and C are correct. E) Both answers B and C are correct.
Billy is deciding whether to watch TV at home or go spend time with his friends. If Billy decides to stay home, we can conclude that:
A. Billy is a homebody and never goes out. B. Billy will get more utility from watching TV than spending time with his friends. C. Billy will regret not spending more time with his friends. D. Billy's revealed preference is to always be alone.
If a manufacturer sells goods abroad for less than they sell for at home, which of the following is true?
a. An embargo has been established. b. A quota has been established. c. The manufacturer is engaged in dumping. d. There has been an improvement in the terms of trade. e. Tariffs have been reduced.