One of the reasons why the Phillips curve is no longer viewed as a "menu" of possible choices available to policy makers is that
a. in the 1970s and 1980s there was no inflation at all.
b. analysis indicates there was no such "menu" in the 1960s.
c. in the 1970s and 1980s much inflation came from the supply side.
d. economic theory is unable to explain the curve and, therefore, it has been rejected.
c
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If tax revenues equal 25 percent of total output and government expenditures equal 20 percent of total output, then there is a:
A. government budget deficit. B. government budget surplus. C. trade deficit. D. trade surplus.
Which markets are depicted in the basic circular flow model?
A) the factor market and the bond market B) the stock market and the bond market C) the money market and the foreign exchange market D) the goods market and the stock market E) the goods market and the factor market
Refer to Table 12-2. What is Margie's total revenue if she sells 250 pounds of apples?
A) $250 B) $500 C) $750 D) There is not enough information in the table to determine Margie's total revenue.
Externalities can be positive, as well as negative.
A. True B. False C. Uncertain