The short-run Phillips curve is ________ curve along which an increase in the unemployment rate is associated with ________ in the inflation rate
A) a downward sloping; a decrease
B) a vertical; no change
C) a downward sloping; no change
D) an upward sloping; an increase
E) a horizontal; no change
A
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Pirates have been intensely attacking ships off the shore of Somalia this year. Boat owners have reportedly coughed up more than $30 million in ransom and insurance premiums have shot up. Why would insurance premiums increase dramatically?
I. Because the probability of pirate attack has increased II. Because consumers' willingness to pay for insurance has increased because of these attacks III. Because insurance claims have increased A) I only B) I and III only C) III only D) I, II, and III
Assume that both the demand curve and the supply curve for DVD players shift to the left but the supply curve shifts more than the demand curve. As a result
A) both the equilibrium price and quantity of DVD players will decrease. B) the equilibrium price of DVD players will decrease; the equilibrium quantity may increase or decrease. C) the equilibrium price of DVD players may increase or decrease; the equilibrium quantity will increase. D) the equilibrium price of DVD players will increase; the equilibrium quantity will decrease.
When a monopolistically competitive firm is in long-run equilibrium:
A. production takes place where ATC is minimized. B. marginal revenue equals marginal cost and price equals average total cost. C. normal profit is zero and price equals marginal cost. D. economic profit is zero and price equals marginal cost.
Christina Romer argued that
A. measured properly, economic expansions after 1929 were shorter than the official statistics showed. B. measured properly, GNP before 1929 varied substantially less over time than the official statistics showed. C. measured properly, GNP after 1929 varied substantially more over time than the official statistics showed. D. measured properly, economic expansions before 1929 were shorter than the official statistics showed.