A common explanation for the behavior of the short-run U.S. Phillips curve in 2009 and 2010 is that, over the previous 20 or so years, the Federal Reserve had
a. established a lot of credibility in its commitment to keep inflation at about 2 percent.
b. established a lot of credibility in its commitment to keep inflation at about 5 percent.
c. failed to establish significant credibility in its announced intent to keep inflation at about 2 percent.
d. failed to establish significant credibility in its announced intent to keep inflation at about 5 percent.
a
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In the 1990s, Oprah Winfrey, the former national talk-show host, discouraged Americans from eating beef. She argued beef consumption could create major health problems, and, as a result, beef purchases and the price of beef fell substantially
Which of the following occurred? A) The supply curve of beef shifted to the left. B) The demand curve for beef shifted to the left. C) The supply curve of beef shifted to the right. D) The demand curve for beef shifted to the right. E) Neither the supply curve nor the demand curve for beef had changed.
After analyzing his opponent, a tennis player decides to serve 10% of his serves to the left, 50% of his serves to the right, and 40% of his serves at the body of his opponent. This illustrates a
A) deterministic strategy. B) dominant strategy. C) mixed strategy. D) non-game theoretic problem.