In the 1960s, advocates of the Phillips curve suggested ________
A) an "optimal" goal of 1% unemployment and 1% to 2% inflation rates could be achieved
B) a "realistic" goal of 7% unemployment and 6% to 7% inflation rates could be achieved
C) a "nonperfectionist" goal of 3% unemployment and 4% to 5% inflation rates could be achieved
D) all of the above
E) none of the above
C
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Total consumer surplus is measured by the total area under the market demand curve and below the equilibrium price
a. True b. False Indicate whether the statement is true or false
An empowered employee has
A. explicit rights to implement but not initiate any decision. B. explicit rights to initiate and implement any decision, subject to the manager's ratification and monitoring. C. explicit rights to initiate and implement any decision, without the manager's ratification and monitoring. D. explicit rights to initiate but not implement any decision.
Which of the following statements is FALSE?
A. Time is an important consideration in determining supply elasticity. B. A horizontal supply curve is possible. C. Price elasticity of supply can never equal 1. D. A perfectly inelastic supply curve is a vertical line.
Utility measurements are:
A. used to compare one person's preference for a good to another person's preference. B. a relative ranking of how much different people enjoy a particular good. C. a relative ranking of the satisfaction a person gets from alternative combinations of things. D. None of these is true.