For each Phillips curve, there
a. is no relationship between the short run aggregate supply curve.
b. is many short run aggregate supply curves.
c. is a unique long run aggregate supply curve.
d. is a unique short run aggregate supply curve.
D
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Under perfect competition, a business firm can accept losses:
a. only in the short run. b. only for 1 year. c. only in the long run. d. no longer than 10 years. e. never.
Define the following terms and explain their importance to the study of economics
a. principle of marginal productivity b. marginal physical product c. marginal revenue product d. derived demand e. economic rent
Which of the following contributed to the dramatic rise in housing prices between 2002 and mid-year 2006?
a. government policy made credit for housing abundant and easily available b. the Fed's restrictive monetary policy, which led to high interest rates c. the tightening of loan standards by commercial lenders d. the large amounts of reserves and equity capital being held by financial institutions in order to back new mortgages
Asset inflation:
A. does not occur when the economy faces globalization because prices are capped. B. is the rise in the physical increase in assets. C. is the rise in asset prices that exceed the rise in the real value of assets. D. is equal to goods inflation.