Stagflation is a period of time when the economy is experiencing:
a. inflation and low unemployment.
b. high unemployment and low levels of inflation at the same time.
c. high inflation and high unemployment at the same time.
d. low inflation and low unemployment at the same time.
c
Economics
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Suppose a smoker wants to quit smoking. The utility that he gets from smoking a cigarette now is 6 utils but, in the long run, that cigarette will generate undiscounted health problems of 10 utils (e.g., an elevated risk of lung cancer)
Use the concept of discounting to explain why impatient smokers may not quit smoking even though the undiscounted net utility of smoking is negative.
Economics
Deciding what the distribution of income should be is an example of normative economics.
Answer the following statement true (T) or false (F)
Economics