There are ways that policymakers could reduce the costs of inflation without reducing inflation
a. True
b. False
Indicate whether the statement is true or false
True
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The effective operation of the U.S. economic system depends upon
A) high profits. B) low profits. C) stable profits. D) the expectation of profits.
A decrease in government spending will result in a decrease in the price level and a decrease in real GDP in the long run
Indicate whether the statement is true or false
If a firm has a downward-sloping long-run average cost curve over the entire range of market demand, it is a
a. local monopoly b. resource monopoly c. monopsony d. output monopoly e. natural monopoly
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.