Examination of data since 1953 indicates that during this period stretching more than half a century, the Phillips curve
A. slopes smoothly upward at first but then slopes smoothly downward.
B. is smoothly upward sloping.
C. is smoothly downward sloping.
D. fails to exist.
Answer: D
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If the U.S. Congress passes legislation to raise taxes to control demand-pull inflation, then this would be an example of a(n)
A. supply-side fiscal policy. B. contractionary fiscal policy. C. expansionary fiscal policy. D. nondiscretionary fiscal policy.
Which of the following would not be entered in the GDP?
a. paying for a service b. cleaning your own house c. buying a ticket to a concert d. eating in a restaurant
Macroeconomic equilibrium is always good, because:
a. Actually, macroeconomic equilibrium can be either good or bad. It is not always good. b. Because it is the only place where actual demand equals actual supply. c. Because it is the only place where planned demand equals planned supply. d. None of the above. e. It gives the nation a breather and allows it to catch up with itself economically.
Figure 4-22
Refer to . The effective price sellers receive after the tax is imposed is
a.
$1.00.
b.
$3.50.
c.
$5.00.
d.
$6.00.