The short-run Phillips Curve is ________, and the long-run Phillips Curve is ________.
A. upward sloping; vertical
B. downward sloping; horizontal
C. downward sloping; vertical
D. upward sloping; horizontal
Answer: C
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For a commodity or token to be money it must
A) be accepted in exchange for all other goods and services. B) have a double coincidence of wants. C) be backed by government precious metals, like gold. D) be paper. E) be issued by the government or a government agency.
Real GDP in a small country is worth $8 billion. The population of the country is 200,000. What is per capita Real GDP?
A) $30,000 B) $40,000 C) $60,000 D) $300,000
A supply restriction that restricts the amount of a good that can be imported is a(n)
A) white market. B) tariff. C) black market. D) import quota.
Alex, Bill, and Cid live in Souland. Their annual incomes and the amounts they pay in income tax are shown in the table below. Income Tax Alex 30,000 6,000 Bill 20,000 4,000 Cid 40,000 8,000 The income tax in Souland is
A) proportional. B) disproportional. C) regressive. D) progressive.