The imaginary figure who advises us whether society is making the most of its scarce resources is the
A) opportunity-cost pixie.
B) benevolent social planner.
C) scarcity goddess.
D) compassionate dictator.
B
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In the long run, unemployment will be at the natural rate. This implies that
A. there is a one-to-one relationship between unemployment and inflation and consequently, the Phillips curve is vertical. B. there is no relationship between unemployment and inflation and consequently, the Phillips curve is vertical. C. there is a positive relationship between unemployment and inflation and consequently, the Phillips curve is upward-sloping. D. there is a negative relationship between unemployment and inflation and consequently, the Phillips curve is downward-sloping.
An example of a generally recession-resistant business is
A. health care. B. automobiles. C. boats. D. consumer electronics.