An increase in the level of structural unemployment will shift the long-run Phillips curve
Indicate whether the statement is true or false
TRUE
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When there is a recessionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; decline B. increase; raise; decline C. decline; lower; expand D. decline; raise; decline
The curve in the above figure will shift to the right when
A) the price level falls. B) the proportion of the population that is elderly increases. C) population falls. D) technology increases.
You are considering buying a store. In order to better access your return on the investment, you must ask the storeowner for the figures on days when
a. Sales are high, costs are low b. Sales are low, costs are high c. Both sales and costs are high d. All of the above
When box lunches are handed out at an elementary school, Jimmy (who loves chocolate and hates raisins) gets a raisin cookie and Johnny (who hates chocolate and loves raisins) gets a chocolate chip cookie. This is an example of inefficiency in
a. output selection. b. production planning. c. product distribution. d. market segmentation.