The line that shows the connection between inflation and unemployment in the short run is called the:
A. inflation-employment trade-off.
B. Phillips Curve.
C. price-work curve.
D. aggregate supply.
Answer: B
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A major objective of tax policy should be to
a. avoid distortions in resource allocation while raising revenue b. divert savings from the private to the public sector c. increase the government's ability to direct the economy d. supplement resources entering the country from foreign aid e. all of the above
If demand is inelastic and the price of a product decreases by 10 percent, then
A) the change in quantity demanded is less than 10 percent. B) the change in quantity demanded is equal to 10 percent. C) the change in quantity demanded is greater than 10 percent. D) the decrease in quantity demanded is greater than 0 percent.
A country is likely to have a comparative advantage in a capital-intensive activity if it has a:
A. higher amount of labor relative to its population. B. higher opportunity cost of producing technology. C. large amount of capital relative to its landmass. D. lot of land relative to its population.
Salary caps are imposed when league officials believe some football team owners are taking advantage of their deep pockets and buying more quality players than the other owners can afford to buy. Which of the following criteria are they using to guide their actions?
A. growth B. efficiency C. stability D. equity