Refer to Figure 4-4. What is the value of the deadweight loss at the equilibrium price of $15?

Time inconsistency will cause the

a. short-run Phillips curve to be higher than otherwise. b. short-run Phillips curve to be lower the otherwise. c. long-run Phillips curve to be farther to the right than otherwise. d. long-run Phillips curve to be farther left than otherwise.

Developing economies are generally characterized by a dual economy, which means that they have:

A. an international sector and a domestic sector. B. a public sector and a private sector. C. a market sector and a traditional sector. D. a manufacturing sector and an agricultural sector.