Movements up along a particular short run Phillips curve are not consistent with:
a. Increases in aggregate demand
b. Movements up along the short run aggregate supply curve.
c. Shifting inflationary expectations.
d. Movements up along a particular short run Phillips curve are consistent with all of the above.
c
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Which of the following is TRUE about public goods?
A) Consumption is rival and nonexcludable. B) Consumption is nonrival and excludable. C) Efficient provision occurs at the level of output at which total benefit is equal to total cost. D) Unregulated private markets produce less than the efficient quantity of a public good.
The Coase Theorem is the proposition that private economic transactions are efficient if the number of involved parties is small, if property rights ________, and transactions costs are ________
A) exist; high B) exist; low C) do not exist; high D) do not exist; low