According to the Phillips curve, unemployment and inflation are negatively 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.
b
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Aggregate demand and aggregate supply must be combined to determine the price level and the "real" GDP
Indicate whether the statement is true or false
If free international trade is compromised by the imposition of an import quota or tariff,
a. all of the following are true b. import-competing producers in the country that imposes the tariff or quota will be able to sell a larger quantity at higher prices c. consumers of import goods will obtain a larger quantity at lower prices d. workers in export industries will find more jobs e. consumers of export goods will obtain a larger quantity, although only at higher prices
The rule of reason was an antitrust law guideline that emphasized the importance of ________ over ________
a. price; quantity b. quantity; price c. law; the economy d. size; behavior e. behavior; size
Currently, exports make up approximately ______ of world GDP
a. 15 percent b. 03 percent c. 30 percent d. 70 percent e. 60 percent