If the economy is currently in equilibrium at a level of GDP that is below potential GDP, what would move the economy back to potential GDP
What will be an ideal response?
increase in wealth
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The short-run Phillips curve presents a tradeoff because a
A) lower unemployment rate can be achieved at the cost of a higher inflation rate. B) higher inflation leads to a higher nominal interest rate. C) lower unemployment rate can be achieved at the cost of a lower inflation rate. D) higher price level leads to a lower real GDP. E) higher unemployment rate can be achieved at the cost of a higher inflation rate.
Product variety and information for consumers are gains from
A) perfect competition. B) monopolistic competition. C) monopoly. D) oligopoly.
The price elasticity of a vertical demand curve is always
a. infinitely large. b. zero. c. one. d. increasing as price increases.
On-the-job training is the one area of education in the United States most influenced by the
a. business sector. b. government sector. c. household sector. d. foreign sector.