If unemployment is below the NAIRU, inflation generally:
A. becomes negative.
B. gets caught in a downward spiral.
C. decelerates.
D. accelerates.
Answer: D
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In which of the following types of auctions can bidders NOT see each other's bid?
A) English auction B) Dutch auction C) Silent auctions D) Sealed-bid auction
A monopolistically competitive industry combines elements of both competition and monopoly. It is correct to say that the competitive element results from:
A. a relatively large number of firms and the monopolistic element from product differentiation. B. product differentiation and the monopolistic element from high entry barriers. C. a perfectly elastic demand curve and the monopolistic element from low entry barriers. D. a highly inelastic demand curve and the monopolistic element from advertising and product promotion.