The original Phillips curve depicted the relationship between
A) price inflation and unemployment.
B) price inflation and employment.
C) wage inflation and unemployment.
D) wage inflation and employment.
C
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Long run average cost curves are downward sloping for increasing returns to scale production technologies.
Answer the following statement true (T) or false (F)
Governments often subsidize activities that generate positive externalities in order to get people to engage in more of them
a. True b. False
A tax is imposed on orange juice. Consumers will bear no burden from this tax if the: a. demand for orange juice is perfectly inelastic
b. supply curve for orange juice is unit elastic. c. demand for orange juice is unit elastic. d. supply curve for orange juice is perfectly inelastic.
The opportunity cost of going to college is
a. the total spent on food, clothing, books, transportation, tuition and other expenses. b. zero for students who are fortunate enough to have all their college expenses paid by someone. c. the value of the next best opportunity a student gives up to attend college. d. zero, since a college education will allow a student to earn a larger income after graduation. e. infinite, because there's no way you can ever get your time back.