Laissez-faire advocates believe that the government should
a. nationalize certain industries
b. not provide tax incentives to firms for research
c. foster an environment that is favorable to research
d. actively use price controls when excess profits are earned
e. outlaw monopolies which use research to further their power
C
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According to the text, identical technologies are a more reasonable assumption for:
A. the shoe industry. B. the call center industry. C. neither the shoe nor call center industry. D. both the shoe and call center industries.
The observed unemployment rate is less than the natural rate of unemployment if:
a. the inflation rate is lower than expected. b. the reservation wage is adjusted to account for higher inflation. c. real wage increases with increase in prices. d. reservation wages go up with the rate of inflation. e. the inflation rate is higher than expected.