Conducting expansionary monetary policy when the economy is at its long-run equilibrium causes the Phillips Curve to:
A. shift straight down.
B. become less steep.
C. shift straight up.
D. become more steep.
Answer: C
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Transfer payments include
A) open market sales. B) Social Security. C) consumption taxes. D) dividends.
If the CPI for this year is 220 and the CPI for last year was 215, the inflation rate is
A) just over 2 percent. B) 5 percent. C) just over 5 percent. D) 10 percent.
Which of the following would have the greatest positive impact on a country's domestic economy?
A) An increase in spending on imports from other countries. B) An increase in spending by foreigners on the country's exports. C) A decrease in the confidence of foreign investors in the country's economy. D) A decrease in the incomes of consumers in foreign countries.
Judging from this graph, what would the individual firm charge if it increased its output to 400 bushels of wheat?
a. $3
b. $4
c. $5
d. $6