Which of the following remains constant along the short-run Phillips curve?
A. Output
B. Inflation
C. Inflationary expectations
D. Unemployment
Answer: C
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According to the capture hypothesis
A) regulators eventually support the views of consumers instead of the firms or the taxpayers, regardless of the reasons why the regulatory agency was established. B) regulators support the view of the regulated firms all along because that is the reason the regulatory agency was established. C) regulators eventually support the views of the regulated firms instead of the consumers or taxpayers, regardless of why the regulatory agency was established. D) regulators eventually support the views of either the firms or the consumers, but at the expense of the taxpayers, regardless of the reasons why the regulatory agency was established.
Tisa owns a company that needs a foundation dug in the ground in order to build a new office. In which of the following situations would it make sense for her to use labor-intensive methods to complete the job?
a. She needs the project done within 24 hours. b. She is in a developed country with lots of machinery. c. She is in a developing country with very low wages. d. She is in a mixed economy with little government involvement.
If two countries agree to specialize and trade based on comparative advantage, which of the following is most likely to be true?
A) Both of the countries will consume outside their respective production possibilities curves. B) One of the countries will end up receiving all of the gains from trade. C) One of the countries will both consume and produce on its production possibilities curve. D) Only one of the countries will produce on and consume outside its production possibilities curve.
As the real wage decreases, the quantity of labor demanded ________ and the quantity of labor supplied ________.
A. increases; increases B. decreases; decreases C. decreases; increases D. increases; decreases