Initial empirical evidence regarding the Phillips curve caused it to be ______ in the 1960s.
a. widely rejected
b. widely accepted
c. thoroughly revised
d. completely abandoned
b. widely accepted
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The interest rate effect is part of the reason
A) the long-run aggregate supply curve is vertical. B) the aggregate demand curve is downward sloping. C) the short-run aggregate supply curve is upward sloping. D) the aggregate demand curve is upward sloping.
Explain how a firm can have constant returns to scale in production and economies of scale in cost
What will be an ideal response?
If nations begin to expand their specialization in production for the purpose of trade, a. consumer surplus will increase, but not total output
b. total world output will increase, and consumer surplus will increase as well. c. total world output will increase, but consumer surplus will not increase. d. neither total output nor consumer surplus will change.
Low levels of sales that cause low levels of investment spending is an example of a
a. vicious circle. b. virtuous circle. c. convergence circle. d. divergence circle.