A new country has been established on the moon and created a currency called cheesybits. Which of the following represents demand for cheesybits?
A. Luna lives on the moon and wants to travel to visit relatives in Japan.
B. Moonbeam Incorporated, the largest company on the moon, sells building products for houses on the moon.
C. Moonrock corporation needs new mining equipment that it buys from a manufacturer in Russia.
D. Han is visiting the moon and wants to eat at his favorite restaurant, the Moonglow Bar and Grill.
Answer: D
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The Friedman—Phelps analysis shows that a negative relationship between inflation and unemployment holds
A) even when expected inflation changes. B) even when the natural rate of unemployment changes. C) even if both the expected inflation rate and the natural rate of unemployment change. D) as long as the expected inflation rate and the natural rate of unemployment are approximately constant.
An oral auction
a. is also called a Vickrey auction b. is conducted by bidders submitting a single sealed bid c. is where the sole remaining bidder wins and pays his winning bid d. all of the above