In the United States, the Phillips curve in the 1960s:
a. shifted upward dramatically.
b. shifted upward moderately.
c. remained stable.
d. shifted downward moderately.
e. shifted downward dramatically.
c
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GDP divided by the population gives us
A) the price level. B) the GDP deflator. C) per capita GDP. D) real GDP. E) none of the above.
In the short run, a tax placed on a perfectly competitive industry should
A. always increase the price. B. increase the total amount of the good sold. C. not affect the total amount of the good sold. D. decrease the total amount of the good sold.
During the Great Depression in the 1930s unemployment was so bad that nearly ________ of the labor force was unemployed.
A. 1/5 B. 1/4 C. 1/3 D. 1/2
Harry owns a barber shop and charges $6 per haircut. By hiring one barber at $10 per hour, the shop can provide 24 haircuts per eight-hour day. By hiring a second barber at the same wage rate, the shop can now provide a total of 42 haircuts per day. Harry should
A. not hire the second barber because he is less productive than the first barber. B. hire the second barber because he will add $108 to profits. C. not hire the second barber because he will diminish profits. D. hire the second barber because he will add $28 to profits.