If, in the long run, people adjust their price expectation so that all prices and incomes move proportionately to an increase in the price level, then the long-run Phillips curve is vertical.
Answer the following statement true (T) or false (F)
True
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The number of people receiving Medicare is expected to grow to 74 million by the year
A) 2105. B) 2020. C) 2025. D) 2075.
Which function of money eliminates the need for multiple prices for each good as in a barter system?
A) store of value B) standard of deferred payment C) unit of account D) valuable relative to its weight
If minimum wage legislation does cause unemployment, then:
A. those who are lucky enough to land jobs benefit. B. those who become unemployed as a result lose. C. firms will not bear the entire burden of the higher cost of employment. D. All of these are true.
The firm's demand curve and the industry's demand curve are identical in the _________ market structure(s)
a. monopoly b. oligopoly c. monopolistic competition d. perfect competition e. perfect competition and monopolistic