In the short run, there is a positive relationship between:
a. inflation and unemployment
b. inflation and real GDP.
c. the actual price level and the aggregate quantity supplied.
d. the actual price level and unemployment.
e. the actual price level and consumption spending.
c
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For a product with a constant or gently increasing opportunity cost of producing additional units, as more is produced, we expect that
A) demand is price elastic. B) supply is price elastic. C) demand is price inelastic. D) supply is price inelastic. E) demand is unit elastic.
An inferior good is one that consumers buy in smaller quantities when incomes rise
a. True b. False Indicate whether the statement is true or false
Trade makes costs
a. higher and reduces the variety of goods and services available. b. higher but raises the variety of goods and services available. c. lower but reduces the variety of goods and services available. d. lower and raises the variety of goods and services available.
Answer the following statement(s) true (T) or false (F)
1. Oligopolies earn zero long-run economic profits. 2. An oligopoly has a low concentration ratio. 3. The concentration ratios for U.S. industries fail to account for foreign competition in those industries. 4. Competition is restricted by government regulations that impose barriers to entry to an industry. 5. Economies of scale exist when a firm’s long-run average total cost increases as its output increases.