Which of the following occurs when there was a shortage of supply in a centrally planned economy?
a. Central planners reduced the amount supplied to each sector
b. Shoppers waited in long lines at retail stores
c. Store shelves were empty
d. Shop operators expected "tips" or bribes for supplying scarce consumer goods
e. All of the answers are correct
E
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Assume that China has a comparative advantage in producing corn and exports corn to Japan. We can conclude that
A) China also has an absolute advantage in producing corn relative to Japan. B) China has a lower opportunity cost of producing corn relative to Japan. C) Japan has an absolute disadvantage in producing corn relative to China. D) Labor costs are higher for corn producers in Japan than in China.
According to the Phillips curve, a more expansionary macro-policy that causes inflation to be greater will:
A. place downward pressure on prices. B. reduce unemployment. C. reduce output. D. reduce the natural rate of unemployment.