The short-run Phillips curve is based upon labor contracts that reflect a given expected _____
a. price level
b. unemployment level
c. money supply
d. aggregate demand
e. unemployment rate
a
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During George W. Bush's presidency
A. the job market was quite robust. B. The United States' federal budget deficit hit a record high. C. the federal budget surpluses in the last years of the Clinton presidency continued. D. we experienced a very high inflation rate.
The three models of oligopolies, Cournot, Stackelberg and Bertrand, all assume firms independently choose the quantity of output to produce
Indicate whether the statement is true or false
A firm holds a pure monopoly in the market and can sell 4 units of output at $2.00 per unit and 5 units of output at $1.75 per unit. The firm will produce and sell the fifth unit if its marginal cost is which of the following?
a. $1.75 or less b. $2.00 or less c. $0.75 or less d. $1.00 or less
What is the principal reason that economists give for the existence of deflationary and inflationary gaps?
a. Wages are flexible in the short run. b. Wages are flexible in the long run. c. Wages are fixed in the long run. d. Wages are fixed in the short run.