Which of the following does not describe governmental policy actions that are helpful in supporting growth in an economy? Governmental policies that
A) avoid playing any role in developing communication systems.
B) facilitate the development of an efficient financial system.
C) provide secure rights to private property.
D) establish an independent court system that enforces contracts.
A
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Along a short-run Phillips curve, the
A) long-run cost of lower inflation is higher unemployment. B) short-run cost of lower unemployment is higher inflation. C) short-run cost of lower inflation is higher interest rates. D) short-run cost of higher inflation is a higher real interest rate. E) short-run benefit of lower unemployment is lower inflation.
Which of the following would create a natural monopoly?
A) ownership of all the available units of a necessary input B) an exclusive right granted to supply a good or service C) requirement of a government license before the firm can sell the good or service D) technology enabling a single firm to produce at a lower average total cost than two or more firms E) a patent granted the producer of the good or service