Compared to its position during the late 1970's, the Phillips curve for the U.S. economy in the 1980's appeared to
a. shift to the left.
b. shift to the right.
c. shift upward.
d. remain unchanged.
a. shift to the left.
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An aggregate supply curve represents the relationship between the ________.
A. price level that producers are willing to accept and the price level buyers are willing to pay B. price level and the buying of real domestic output C. real domestic output bought and the real domestic output sold D. price level and the production of real domestic output
Which of the following is a tool of commercial policy?
a. Corporate income tax b. Payroll tax c. Excise duty d. Tariff e. Octroi duty
Briefly describe the relationship between deadweight loss and consumer and producer surplus.
What will be an ideal response?
Prices below the free market equilibrium price are inefficient because:
A. producer surplus is lower than in equilibrium. B. consumer surplus is higher than in equilibrium. C. total surplus is lower than in equilibrium. D. total surplus is higher than in equilibrium.