Once the Phillips curve has shifted up, the economy is ________ because ________
A) better off; every unemployment rate becomes associated with a higher inflation rate
B) better off; every inflation rate becomes associated with a lower unemployment rate
C) worse off; every inflation rate becomes associated with a higher unemployment rate
D) worse off; every unemployment rate becomes associated with a lower inflation rate
C
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Average cost is the cost of producing the next unit.
Answer the following statement true (T) or false (F)
If a pair-wise majority vote was held to determine which school project gets funded, the voters' preferences are shown in the table, and the gym and library are voted on first, which project will win in the end?
A. Library
B. Computer lab
C. Gym
D. It is impossible to predict which project would win.
Other things the same, what happens to the price level and the quantity of output when the short run aggregate supply curve shifts to the right?
Refer to the accompanying figure. The opportunity cost of producing one bushel of wheat is:
A. 2 bushels of corn. B. 1,000 bushels of corn. C. ½ of a bushel of corn. D. 500 bushels of corn.