In the United States, the observed Phillips curve is
A) unstable over time.
B) stable over time.
C) never discernible.
D) not a curve, but a straight line.
A
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The above figures show the market for oranges. Which figure(s) shows the effect of an increase in the price of bananas, a substitute for oranges?
A) Figure A B) Figure C C) Figure D D) Figure A and C
Average total cost decreases with an increase in output because:
A) the total variable cost decreases with an increase in output. B) the average fixed cost decreases with an increase in output. C) the marginal cost of production increases with an increase in output. D) diminishing marginal returns sets in after a particular level of production.
Firms should hire additional units of a resource as long as the:
a. marginal product of the resource exceeds the price of the resource multiplied by the quantity of output produced. b. marginal product of the resource is less than the price of the resource. c. price of the output produced is positive. d. marginal revenue product of the resource exceeds the cost of an additional unit of the resource.
Suppose the U.S. price level rose at the same time the Mexican price level remained constant. Which of the following would occur?
a. The demand for pesos would increase. b. The supply of pesos would decrease. c. The supply of pesos would increase. d. The demand for pesos would decrease. e. The supply of pesos would stay constant.