The short run Phillips Curve shows there is ________ relationship between the unemployment rate and the rate of inflation.
A. a positive
B. a constant
C. a negative
D. no
Answer: C
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Using the table above, the elasticity of demand is equal to 1 at a price of
A) $8. B) $6. C) $5. D) $3. E) $1.
When the marginal propensity to save declines, the
A) multiplier becomes larger and the IS curve becomes flatter. B) marginal propensity to consume increases and there is no effect on the IS curve. C) multiplier becomes larger and the IS curve becomes steeper. D) multiplier declines and the IS curve becomes steeper.
What is the poverty line in the United States based on?
a. The average purchasing power of a family of three b. The average standard of living in the United States c. Three times the cost of a nutritionally adequate diet d. The cost of housing and food in each state
Refer to the supply and demand graph below for a public good. If Q1 units of the public good are produced, then:
A. Users are willing to pay more for the public good than it costs to produce it
B. Users are willing to pay less for the public good than it costs to produce it
C. There is an over-allocation of resources towards producing this public good
D. Allocative efficiency is achieved in the market