On a Phillips curve diagram, a decrease in the rate of inflation, other things being equal, is represented by a(n):
a. upward shift of the Phillips curve.
b. downward movement along Phillips curve.
c. upward movement along the Phillips curve.
d. downward shift of the Phillips curve.
b
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In calculating GDP, governmental transfer payments, such as Social Security or unemployment compensation, are ________.
A. counted as investment spending. B. counted as consumption spending. C. counted as government spending. D. not counted.
In 2011, Armenia had a real GDP of approximately $4.21 billion and a population of 2.98 million. In 2012, real GDP was $4.59 billion and population was 2.97 million. Armenia's real GDP per person in 2012 was
A) $1,545. B) $380. C) $1,413. D) $132.
The quantity of money in an economy is $9 million, and the velocity of circulation is 3. Nominal GDP in this economy is ________
A) $6 million B) $9 million C) $3 million D) $27 million
Which of the following sayings best reflects the concept of opportunity cost?
A. "You can't teach an old dog new tricks." B. "There is no such thing as a free lunch." C. "I have a baker's dozen." D. "There's no business like show business."