The account that records a nation's economic transactions with other countries is
a. the current account
b. the international monetary fund
c. the foreign exchange market
d. the balance of payments
e. the capital account
D
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Which statement(s) is (are) consistent with a positive relationship between inflation and the output gap?
A) If output rises above its potential level, the unemployment rate falls and firms will raise wages and prices more rapidly. B) In the short run, the AS curve is upward sloping. C) Through Okun's law, the negative relationship between the output and unemployment gaps allows the modern Phillips curve to be translated into the AS curve. D) all of the above E) none of the above
The supply of labor
a. varies inversely with the price level b. does not vary with the real wage rate c. does not vary with the price level d. varies directly with the price level e. varies inversely with the nominal wage rate
The short-run equilibrium output of a competitive firm is found by equating marginal cost with price
a. True b. False Indicate whether the statement is true or false
An externality affecting demand can be measured graphically as the
A. Horizontal distance between the market demand curve and the social demand curve. B. Vertical distance between the market demand curve and the social demand curve. C. Height of the market demand curve at all points. D. Height of the social demand curve at all points.