Keynesian macroeconomists argue that the short-run Phillips curve ________ represent a usable trade-off for policymakers because ________
A) does; prices are sticky
B) does; prices are not sticky
C) does not; prices are not sticky
D) does not; prices are sticky
A
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The participation rate is the number of people:
A. employed and unemployed divided by the population aged 16 years and older. B. employed divided by the labor force. C. employed and unemployed divided by the labor force. D. employed divided by the population aged 16 years and older.
In England, the Thatcher government substituted a “poll tax” for the local property tax. People took strong exception to the tax, which is basically a head or “lump sum” tax. The principle of taxation such a tax violates is called
A. the benefits principle. B. the excess burden principle. C. the ability-to-pay principle. D. the constitutional principle.
Suppose you sell surfboards for a living, and you expect the price of surfboards to increase at the same rate as inflation; you adjust your prices accordingly. If this does not occur, then it must be true that:
A. the inflation rate is different from what was expected. B. the relative price of surfboards is changing. C. the price of surfboards is changing at a rate that is different from what was expected. D. both the price of surfboards and the inflation rate are different from what was expected.
"A firm cannot experience both economies of scale and diminishing marginal product." Do you agree or disagree? Why?
What will be an ideal response?