On a Phillips curve diagram, a decrease in the rate of inflation, other things being equal, is represented by a(n):
A. upward movement along the Phillips curve.
B. downward movement along the Phillips curve.
C. upward shift of the Phillips curve.
D. downward shift of the Phillips curve.
Answer: B
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Governments,
A) like individuals, face opportunity costs. B) unlike individuals, do not face opportunity costs. C) only if they are relatively poor, face opportunity costs. D) only if they are running budget deficits, face opportunity costs.
Use the information in Scenario 4.2. At what price, if any, is the demand for artichokes completely elastic?
A) 50 B) 30 C) 10 D) 0 E) none of the above
Throughout history, governments have used price controls to
a. protect buyers. b. protect sellers. c. serve the "public interest." d. All of the above are correct.
Critics of markets that are characterized by firms that sell brand name products argue that brand names encourage consumers to pay more for branded products that
a. have elastic demand curves. b. are very different from generic products. c. are indistinguishable from generic products. d. consumer-advocate groups have found to be inferior.