The Phillips curve:
a. is downward sloping.
b. is upward sloping.
c. shows there is a tradeoff between unemployment and the inflation rate.
d. shows there is a tradeoff between population and the inflation rate.
c
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The median voter theorem states that the outcome of a majority vote is likely to represent the preferences of the voter who is in the political middle
Indicate whether the statement is true or false
Democracy is ______________ to economic growth.
A. clearly linked and is essential B. clearly linked and is not essential C. not so clearly linked, yet seems to be essential D. not so clearly linked and does not seem to be essential
Economists typically date the beginning of the gold standard to the period:
a. before 1500. b. before 1776. c. between 1880 and 1914. d. between the two world wars. e. between 1970 and 2000.
Comparative advantage is based on
a. capital costs b. labor costs c. opportunity costs d. dollar price e. both labor and capital costs