____________ were the most common form of specie used in the colonies
a. Coins issued by the English mint
b. Coins issued by the Spanish mint
c. Coins issued by New England's mint
d. Coins issued by privately-owned colonial mints
b. Coins issued by the Spanish mint
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If the expected rate of inflation rose at the same time the natural rate of unemployment rose, the short-run Phillips curve
A) would shift down. B) would shift up. C) would not move. D) might shift up or down or not move, depending on which effect was larger.
In the rational expectations model
a. markets are perfectly competitive and in equilibrium. b. markets may not clear even if wages and prices are otherwise perfectly flexible. c. markets may temporarily be in disequilibrium. d. only anticipated changes in aggregate demand affect output.
Explain the difference between economic and normal profits
What will be an ideal response?
The market demand curve represents the total quantity demanded at each price
a. True b. False Indicate whether the statement is true or false