Which of the following never assumes, either implicitly or explicitly, independence between nominal and real variables?
A) the AS curve
B) the Phillips curve
C) Okun's law
D) the classical dichotomy
E) none of the above
C
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The Federal Reserve reports that it has coins valued at $10 billion, bank reserves at the Fed of $15 billion, gold valued at $10 billion, Federal Reserve notes of $400 billion, and U.S. government securities of $300 billion
What is the size of the monetary base?
Refer to Figure 17-3. Panel D is appropriate when used to represent
A) the quantity of labor demanded by an input price taker. B) the quantity of labor supplied by someone working a fixed number of hours. C) the labor supply curve facing an input price taker. D) the highly-skilled labor market supply curve.
An industry has 1000 competitive firms, each producing 50 tons of output. At the current market price of $10, half of the firms have a short-run supply curve with a slope of 1; the other half each have a short-run supply curve with slope 2
The short-run elasticity of market supply is A) 1/50 B) 3/10 C) 1/5 D) 2/5 E) none of the above
Which of the following is not an example of price discrimination?
a. Senior citizen discount at the movies b. Grocery coupons c. Children haircuts d. Charging a higher price for ice-cream during the summer and a lower price in the winter