According to the Phillips curve, unemployment and inflation are positively related in
a. the short run and in the long run.
b. the short run, but not in the long run.
c. the long run, but not in the short run.
d. neither the long run nor the short run.
d
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The portion of a country's overall assets that is directly related to the environment, such as forests and soil quality, is known as
(a) environmental capital. (b) debt for nature swaps. (c) protected areas. (d) common property assets.
A year-long drought that destroys most of the summer's crops would be considered a:
A. short-run supply shock. B. long-run demand shock. C. long-run supply shock. D. short-run demand shock.
The percentage of national income spent on health care
A) has steadily decreased since 1965. B) has steadily increased since 1965. C) increased until the end of the 1970s and then decreased in the 1980s and 2000s. D) decreased until the end of the 1970s and then increased in the 1980s and 2000s.
The monopolistic competitive firm in short-run equilibrium may experience economic profits that are
A. always negative. B. always positive. C. always zero. D. greater than, equal to, or less than zero.