The short-run Phillips curve will tend to shift during any period when:
a. aggregate supply changes
b. real wages or input prices change because of changes in the supplies of labor or other inputs.
c. inflationary expectations change.
d. all of the above
d
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If we compare median family income in the U.S. for families headed by an adult with no more than a high school education to that of families headed by an adult with a bachelor's degree, which of the following best describes what we will find?
a. Median family income for families headed by an adult with a bachelor's degree is approximately 70 percent higher than families headed by an adult no more than a high school education. b. Median family income for families headed by an adult with a bachelor's degree is approximately 25 percent higher than families headed by an adult no more than a high school education. c. Median family income for families headed by an adult with a bachelor's degree is approximately 50 percent higher than families headed by an adult no more than a high school education. d. Median family income for families headed by an adult with a bachelor's degree is approximately 90 percent higher than families headed by an adult no more than a high school education.
Because of higher gasoline prices, firms using gasoline intensively in the production or distribution of their goods have experienced:
A. an upward shift in their MC, AVC, and ATC curves. B. an upward shift in their AFC, AVC, and ATC curves. C. a downward shift in their MC, AFC, and AVC curves. D. greater economies of scale.
The rate at which banks can borrow excess reserves from other banks is equal to
A. the discount rate. B. the interest rate paid on reserves held with the Fed. C. the federal funds rate. D. the Treasury bill rate.
The text's discussion of the airline industry, the soft drink industry, and the doughnut industry reveals a common theme when it comes to the types of competitive practices firms in each industry engage in
What is it and what advantage does it offer firms?