Which of the following shifts the long-run Phillips curve left?
a. both an increase in the inflation rate and a decrease in the minimum wage rate
b. an increase in the inflation rate, but not a decrease in the minimum wage rate
c. a decrease in the minimum wage rate, but not an increase in the inflation rate
d. neither a decrease in the minimum wage rate nor an increase in the inflation rate
c
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There is a compensated demand (or MWTP) curve for every indifference curve just as there is an uncompensated demand curve for every income level.
Answer the following statement true (T) or false (F)
When the Fed purchases government bonds the money supply _____ and the federal funds rate _____
Fill in the blank(s) with correct word
The table below shows the number of umbrellas and bushels of corn produced in the United Kingdom and the rest of the world per labor hour. If the United Kingdom and the rest of the world begin to trade with each other, the international price of corn will lie between ________ and ProductivityIn the United KingdomIn the Rest of the WorldUmbrellas per labor hour0.251.00Bushels of corn per labor hour0.500.67
A. 2/3 of an umbrella per bushel of corn; 3/2 umbrellas per bushel of corn. B. 1/2 of an umbrella per bushel of corn; 3/2 umbrellas per bushel of corn. C. 2/3 of an umbrella per bushel of corn; three umbrellas per bushel of corn. D. 3/2 umbrellas per bushel of corn; three umbrellas per bushel of corn.
The demand schedule for a good shows:
a. the specific quantity of the good that people are willing and able to sell at different prices. b. the positive relationship between the price and the quantity of the good. c. no relationship between the price and the quantity of the good. d. the specific quantity of the good that people are willing and able to buy at different prices. e. the quantity of the good that is sold in the market.