Explain the relationship between the aggregate supply curve and the Phillips curve
What will be an ideal response?
The aggregate supply curve shows the total quantity of output, or real GDP, that firms are willing and able to supply at a given inflation rate. This is the same as the definition for the Phillips curve. Therefore, the two curves are the same.
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Briefly describe the 6 main provisions of the Patient Protection and Affordable Care Act (ACA)?
What will be an ideal response?
Three of the four events described below might reasonably be expected to shift the demand curve for beef to a new position. One would not shift that demand curve. The single exception is a(n):
a. change in people's tastes for beef. b. increase in the money incomes of beef consumers. c. fall in the price of beef. d. change in the price of a product competitive with beef (e.g. pork).
If the price level increased from 120 to 130, then what was the inflation rate?
a. 1.1 percent. b. 7.7 percent. c. 10.0 percent. d. 8.3 percent.
The monopolist's total revenue curve is represented graphically by a positively sloped line.
Answer the following statement true (T) or false (F)