A Phillips curve shows the relationship between the inflation rate and the:
a. wage rate.
b. unemployment rate.
c. real GDP growth rate.
d. population growth rate.
b
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Knowledge capital is nonrival in the sense that
A) firms do not compete to be the first to develop new technologies. B) two people can use the same knowledge to develop and produce a product. C) no single company can be excluded from the benefits of new technologies. D) firms can benefit from the research and development of rival firms without paying for that benefit.
If the price were $11, how much would the firm's output be in the short run?
Economic resources are
A. all the unlimited items that people would purchase with limited income. B. all the items that people would purchase if they had limited wants. C. items of value that are used to make other things that satisfy people's wants. D. the total planned expenditures throughout the nation.
If the government increases spending while holding taxes constant, we expect
A. interest rates to rise. B. planned real investment spending by businesses to increase. C. a decrease in real saving as consumers follow suit and also increase borrowing. D. an increase in investment spending by businesses too, as they anticipate future economic growth.