What short-run choice does the Phillips curve illustrate?
a. The choice between higher real wages and higher output
b. The choice between cyclical unemployment and frictional unemployment
c. The choice between a higher capital stock and inflation
d. The choice between higher output per capita and maintaining the natural rate of unemployment
e. The choice between unemployment and inflation
E
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If the price of a good increases by 10 percent, its quantity demanded drops by 50 percent. The price elasticity of demand is:
A. 1.0 B. 0.2 C. 5.0 D. 2.0
Which of the following terms describes the process wherein many of the different stages of producing a good happen in different geographic locations?
a. supply chain management b. splitting up the supply chain c. splitting up the value chain d. value Chain management
In some cases the government can make everyone better off by raising taxes to pay for certain goods that the market fails to provide
a. True b. False Indicate whether the statement is true or false
The market system is an economic system that:
A. gives private individuals and institutions the right to own resources used in production. B. produces more capital goods than consumer goods. C. gives the government the right to tax individuals and corporations for the production of capital goods. D. produces more consumer goods than capital goods.