In the short run, the downward slope to the Phillips curve is mainly due to:
a. Differences between expected inflation and actual inflation.
b. Differences between actual and expected real GDP growth rates.
c. Differences between actual and expected sun spots.
d. Differences between actual and expected changes in productivity.
e. Differences between actual and expected nominal exchange rate changes.
.A
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Game theory is based on the idea that
a. government determines the rules of the game b. firms are strategically independent c. firms are price takers d. a player's strategy must take account of the strategies followed by other players e. a player's strategy must be independent of the strategies followed by other players
A perfectly elastic supply curve is
A. a straight line that crosses the horizontal axis. B. a vertical straight line. C. a straight line coming out of the origin. D. a horizontal straight line.
Refer to Scenario 3.3 below to answer the question(s) that follow.SCENARIO 3.3: -Mustard and mayonnaise are substitutes. -Mustard and relish are complements. -Mustard is a normal good. -During the summer, about 50% of all mustard was recalled by manufacturers and removed from store shelves.Refer to Scenario 3.3. If at the same time of the mustard recall, consumer income also decreased. Then, ceteris paribus, in the market for mustard this would have caused
A. the equilibrium price to increase and the equilibrium quantity to decrease. B. both the equilibrium price and quantity to decrease. C. the equilibrium quantity could have increased, decreased, or remained the same and the equilibrium price to decrease. D. the equilibrium price to either increase, decrease, or remain the same and the equilibrium quantity to decrease.
Human capital can be produced through on-the-job training.
Answer the following statement true (T) or false (F)