Refer to the information provided in Figure 28.6 below to answer the question(s) that follow.
Figure 28.6Refer to Figure 28.6. Which panel represents the short-run Phillips curve?
A. A
B. B
C. C
D. D
Answer: A
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If your real income in base year prices is $50,000, then if the CPI is 170, what is your nominal income?
A) $85,000.00 B) $29,411.76 C) $70,000.00 D) $50,000.00 E) $71,428.57
Which of the following is NOT considered a function of money?
A) It facilitates exchange. B) It acts as a means of payment. C) It can be held and exchanged for future goods and services. D) It allows banks to lend out funds.
Econville opens up trade with its neighboring countries. This causes the number of sellers of science fiction novels to increase. What happens to the equilibrium price and quantity?
a. Price and quantity both increase. b. Price decreases, and quantity increases. c. Price increases, and quantity decreases. d. Price and quantity both decrease.
Pure monopoly is defined as a
A. one-firm industry. B. market structure in which there are many substitute products. C. market structure maintained by entry of many rival firms. D. market structure created by special government sanctions.