The Phillips curve shows the relationship between
a. the rate of inflation and the rate of unemployment.
b. the rate of growth of real GDP and the rate of unemployment.
c. real prices and real GDP.
d. the rate of inflation and the rate of growth of real GDP.
a
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At all the points above the midpoint on a linear demand curve, the value of price elasticity of demand is:
A) equal to one. B) zero. C) greater than one. D) less than one.
Economists usually assume
a. that Americans' preferences are systematically different from Europeans b. that there are some features common to the preferences of a wide variety of people c. that everyone has the same preferences d. that everyone has the same preferences that they (the economists) do e. that individuals prefer to purchases goods rather than services
One of the clear effects of deregulation was
a. lower prices of many services. b. increased entry of new firms into regulated industries. c. lower income to unions working in regulated industries. d. all of the above.
Suppose a basket of goods and services has been selected to calculate the CPI and 2012 has been chosen as the base year. In 2012, the basket's cost was $80.00; in 2013, the basket's cost was $84; and in 2014, the basket's cost was $87.60 . The value of the CPI was
a. 100 in 2012. b. 105 in 2013. c. 109.5 in 2014. d. All of the above are correct.