Globalization in the past decade has led to a(n):
A. vertical short-run Phillips curve.
B. backward short-run Phillips curve.
C. upward-sloping short-run Phillips curve.
D. flat short-run Phillips curve.
Answer: D
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The firm’s average cost curve is the result of cost minimization in the use of fixed inputs.
Answer the following statement true (T) or false (F)
The Industrial Revolution was centered in Great Britain, and the British
(a) tried to achieve a technological monopoly. (b) were willing to freely share industrial technology with their colonies but no other nations. (c) believed in free trade and the sale and export of technology to any nation that wanted to pay for it. (d) were willing to share their technology with other nations but not their colonies because they wished the colonies to specialize in the production of agriculture and raw materials for export to England.
With an upward-sloping supply curve, which of the following is true?
a. An increase in price results in a decrease in quantity supplied. b. An increase in price results in an increase in supply. c. A decrease in price results in a decrease in quantity supplied. d. A decrease in price results in an increase in supply.
All of the following are examples of government purchases except
a. F-15 fighter planes b. food and clothing for the armed forces c. interstate highways d. post offices e. the Washington D.C. residence of Illinois Senator Richard Durbin