A competitive market is always efficient
Indicate whether the statement is true or false
FALSE
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According to the table, the Big Mac would cost the same in Switzerland and the United States at an exchange rate of ________ Swiss franc for every one U.S. dollar
A) 0.86 B) 1.27 C) 1.36 D) 2.72
The Phillips curve describes a negative relationship between unemployment and inflation
a. True b. False Indicate whether the statement is true or false
Expansionary fiscal policy can cause a rise in real GDP in combination with
a. an increase in the price level. b. a decrease in the price level. c. no change in the price level. d. a decrease in the price level if the aggregate supply curve is upward sloping.
One reason why the Phillips curve "broke down" is
a. most of the inflation of the 1970s was from the demand side. b. most of the inflation of the 1970s was from the supply side. c. the inflation of the 1970s was foreseen, unlike the inflation of the 1980s. d. the inflation of the 1970s was purely random and could not be explained with economic theory.