Economists who argue that the AS curve is vertical in the long run at potential output also argue that in the long run, the ________ is vertical at the natural rate of unemployment.
A. aggregate demand curve
B. Phillips curve
C. aggregate expenditures curve
D. production possibility curve
Answer: B
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Refer to the figure below. In response to gradually falling inflation, this economy will eventually move from its short-run equilibrium to its long-run equilibrium. Graphically, this would be seen as
A. long-run aggregate supply shifting leftward B. Short-run aggregate supply shifting downward C. Aggregate demand shifting rightward D. Aggregate demand shifting leftward
The more perfectly a monopoly can price discriminate, the
A) smaller its output and the lower its profits. B) smaller its output and the greater its profits. C) larger its output and the lower its profits. D) larger its output and the greater its profits.
The balance of payments is the domestic price of a foreign currency.
Answer the following statement true (T) or false (F)
The ERM crisis in ______ affected the ability of nations to ______.
A) 2001; fully fund their military forces B) 1996; allow labor to migrate between nations C) 1980; maintain a healthy banking system D) 1992; maintain fixed exchange rates without drastic domestic measures