The amount of output lost when the inflation rate is reduced by one percentage point is called
A. the Solow residual.
B. Okun's law.
C. Planck's constant.
D. the sacrifice ratio.
Answer: D
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In the above figure, using the slope across an arc, the slope of the curve between points b and c is
A) 1/3. B) -1/3. C) 3. D) -3.
"Economic exploitation" is measured by:
a. the sum of all input costs, both direct and indirect. b. the difference between the value of output a worker adds and what she receives. c. the difference between a monopoly's profit and the profit of a competitive firm. d. the average wage of a skilled worker divided by the average wage of an unskilled worker.
In an oligopoly, when the quantity effect outweighs the price effect:
A. an increase in output may increase the firm's profits. B. a decrease in output may increase the firm's profits. C. keeping output constant and raising price will increase the firm's profits. D. keeping output constant and lowering price will increase the firm's profits.
The amount of poverty in the United States ____ in the 1960s and ____ in the 1970s
a. increased; decreased b. decreased; increased c. held relatively steady; increased d. decreased; held relatively steady