In the long run, the Phillips curve is a ________ at ________.
Fill in the blank(s) with correct word
Answer:
vertical line;
the natural rate of unemployment
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The circular flow model shows the flow of
A) expenditure and income throughout the economy. B) only money throughout the economy. C) only funds in stock and bond markets. D) only tax payments and government expenditures. E) goods markets and factor markets as they move through the economy.
Refer to Figure 9.9. At free trade, domestic consumption is
A) 5500; domestic production is 1000; imports are 4500. B) 5000; domestic production is 2000; imports are 3000. C) 4000; domestic production is 4000; imports are 0. D) 2000; domestic production is 5000; imports are 3000. E) 1000; domestic production is 5500; imports are 4500.
In a competitive market, when price is below the equilibrium level, the price will be driven upward due to
a. excess supply b. government intervention c. competition among suppliers d. excess demand e. technical inefficiency
The answer is: "Policymakers are not aware of changes in the economy as soon as they happen." What is the question?
A) What is the wait-and-see lag? B) What is the data lag? C) What is the effectiveness lag? D) What is the transmission lag? E) none of the above