According to the Phillips curve
A. there is a direct relationship between price-level changes and the level of unemployment rate.
B. price-level changes are not affected by changes in the unemployment rate.
C. the unemployment rate is not affected by changes in the price level.
D. there is an inverse relationship between price-level changes and the unemployment rate.
Answer: D
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Who of the following has been prominently accused of acting on the basis of the “edifice complex”?
A. The Environmental Protection Agency B. A. C. Pigou C. The Army Corps of Engineers D. Environmental activists
In perfectly elastic supply, the more elastic the supply is, the . . .
What will be an ideal response?
The following graph shows the marginal and average product curves for labor, the firm's only variable input. The monthly wage for labor is $2,800. Fixed cost is $160,000.
When the firm uses 120 units of labor, what is its AVC at this output?
A. $60 B. $40 C. $70 D. $56 E. none of the above
Monopolistically competitive firms do NOT differentiate their products by:
A. changing the products' physical characteristics. B. selling products at different locations. C. offering different levels of service that come with a product. D. charging different prices to different groups of consumers.