In the late 1950s and early 1960s, postwar U.S. economic performance led to the formulation of and belief in a
A) vertical Phillips Curve in the short and long runs.
B) vertical Phillips Curve in the long run.
C) horizontal Phillips Curve in the short and long runs.
D) downward-sloping Phillips Curve in the short and long runs.
D
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How does a tariff affect the consumer surplus and the producer surplus from the imported good? Is the overall economy helped or harmed by tariffs? Briefly explain your answers
What will be an ideal response?
Debits (negatives) in the current account of the balance of payments accounts include
a. imports of goods. b. exports of services. c. transfers received from other countries. d. purchases of U.S. government bonds by foreigners. e. all of the above.
A group of firms that collude to limit competition is called a(n):
a. conglomerate. b. oligopoly. c. cartel. d. kinked demand. e. market concentration.
Which of the following types of taxes achieves vertical equity: a proportional tax, regressive tax, and/or progressive tax?