Ball found that the disinflation of the early 1980s in the United States had a sacrifice ratio of about

Sellers turn so frequently to government in efforts to protect themselves from competition because government

A) can be influenced by monetary payments. B) can use coercion against competitors. C) has rather consistently forced firms to compete when they preferred not to. D) is charged with protecting the public interest. E) is under the thumb of monopolists.

China has recently been experiencing rapid economic growth, and current Chinese real GDP per capita is

A) roughly equal to real GDP per capita in the United States. B) still significantly less than real GDP per capita in the United States. C) on par with real GDP per capita in most high-income countries. D) still at a level equivalent to real GDP per capita in the poorest countries in the world.