In the United States during the 1970s, the unemployment rate rose from previous years, and the inflation rate increased rapidly. This set of events is best described by saying that the
A) the long-run Phillips curve shifted leftward.
B) short-run Phillips curve shifted downward.
C) economy moved to a lower point on its short-run Phillips curve but the short-run Phillips curve did not shift.
D) short-run Phillips curve shifted upward.
E) economy moved to a higher point on its short-run Phillips curve but the short-run Phillips curve did not shift.
D
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What will be an ideal response?
Each Federal Reserve district bank is a corporation owned by
a. the member banks in the district. b. the people of the United States. c. the U.S. Department of the Treasury. d. federal securities owners.
Which of the following four-firm concentration ratios is consistent with monopolistic competition?
A) 100 percent B) 75 percent C) 25 percent D) 0 percent E) 91 percent
The above figure shows the Lorenz curves for four different countries. Which of the following statements CANNOT be made on the basis of the graph?
A) Incomes are distributed unequally in all four countries. B) Income distribution in country D is the most unequal among the four countries. C) Incomes are higher in country A than in country B. D) Income distribution is more equal in country B than in country D.