The short-run Phillips curve will shift if there is
A) a change in inflation expectations. B) an increase in inflation that is unanticipated.
C) an increase in the unemployment rate. D) a decrease in inflation that is unanticipated.
A
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Suppose the government imposes a tax that reduces the quantity sold in the market after the tax to Q2. The price that sellers receive is
A. P0. B. P2. C. P5. D. P8.
Suppose the economy includes two distinct groups of people: wage earners and goods sellers. If the price level increases by 50 percent and nominal wages remain unchanged,
a. there will be no redistribution of purchasing power because all private wage earners in the U.S. economy receive indexed wages b. real wages will remain the same because nominal wages do not change c. there will be no redistribution of purchasing power because only changes in real income can change the distribution of income d. income will be redistributed from wage earners to goods sellers e. income will be redistributed from goods sellers to wage earners
The cash price at your local elevator is $3.60/bu for corn. The relevant (nearby) futures contract for corn is the December contract and it is valued today at $3.50/bu. The "basis" for this location (market) is:
a. $0.50/bu b. -$0.50/bu c. $0.10/bu d. -$0.10/bu
When the firm increases output and the costs rise proportionately, then the long-run average cost curve is ________ and the firm is experiencing ________.
A. horizontal; constant returns to scale B. downward sloping; constant returns to scale C. upward sloping; diseconomies of scale D. downward sloping; economies of scale