If the Phillips curve was nearly horizontal, a:
a. substantial increase in inflation would be caused by a decrease in unemployment
b. substantial decrease in inflation would be caused by a decrease in unemployment.
c. substantial decrease in unemployment could be achieved with only a small increase in inflation.
d. substantial increase in unemployment could be achieved with only a small increase in inflation.
c
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A small number of firms competing with each other is characteristic of: a. monopolistic competition. b. perfect competition
c. oligopoly. d. monopoly.
Each of the following is likely to be a successful way for the government to solve the problem of overuse of a common resource except
a. regulating the use or consumption of the common resource. b. taxing the use or consumption of the common resource. c. selling the common resource to a private entity. d. asking individuals to voluntarily reduce their use of the resource.