In an unregulated competitive market, the presence of marginal external benefit from a good or service results in less than the efficient quantity being produced

Suppose an economy experiences a permanent increase in its expected inflation rate. As a result, there is

A) a downward shift of the short-run Phillips curve. B) a downward movement along the short-run Phillips curve. C) an upward movement along the short-run Phillips curve. D) no change at all to the short-run Phillips curve. E) an upward shift of the short-run Phillips curve.

A retirement system in which the benefits government pays to retirees are paid out of the contributions those retirees make during their working years is called a

A) pay-as-you-go system. B) fully funded system. C) pension plan. D) deferred retirement system.