Refer to the scenario above. Which of the following combinations lie below Jack's production possibilities curve?
A) 10 paintings and 6 sculptures
B) 5 paintings and 1 sculpture
C) 10 paintings only
D) 10 sculptures only
B
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In the figure above, the shift from the short-run Phillips curve SRPC0 and the long-run Phillips curve LRPC0 to the short-run Phillips curve SRPC1 and the long-run Phillips curve LRPC1 is the result of ________ in the expected inflation rate and
________ in the natural unemployment rate. A) a decrease; no change B) no change; an increase C) an increase; an increase D) an increase; no change E) a decrease; a decrease
A sales tax will be divided so that
A) the buyers pay the full amount if supply is perfectly inelastic. B) the sellers pay the full amount if supply is perfectly inelastic. C) the sellers pay the full amount if supply is perfectly elastic. D) both buyers and sellers pay some of the tax if supply is perfectly elastic.