The Phillips Curve will shift because of:
A. expected inflation.
B. normal inflation.
C. hyperinflation.
D. core inflation.
A. expected inflation.
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Which of the following increases the demand for U.S. union labor?
A) an increase in the minimum wage B) an increase in the demand for imported goods C) new laws that ease immigration restrictions D) All of the above cause an increase in the demand for union labor.
Suppose the price of gasoline in July 2004 averaged $1.35 a gallon and 15 million gallons a day were sold. In October 2004, the price averaged $2.15 a gallon and 14 million gallons were sold
If the demand for gasoline did not shift between these two months, use the midpoint formula to calculate the price elasticity of demand. Indicate whether demand was elastic or inelastic.
Other things equal, when Europeans want to buy more grains from the United States:
a. U.S. imports will increase. b. European exports will increase at every level of domestic income. c. U.S. exports will increase at every level of domestic income. d. the U.S. balance of payments will show a deficit. e. U.S. consumption spending will fall.
____ occur when an X percent increase in input use raises output by more than X percent, so that the more the firm produces, the lower its per-unit costs become
a. Economies of scope b. Scale economies c. Product differentiation d. Perfect competition