If stagflation is present the short-run Phillips curve is vertical
Indicate whether the statement is true or false
False
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You work as an assistant coach on the university swim team and earn $14 per hour. One day, you decide to skip the hour-long practice and go to the movie theater instead, which has an admission fee of $9. The total cost (valued in dollars) of skipping practice and going to the movies (including the opportunity cost of time) is
A.$6 B.$9 C.$15 D.$24
With a temporary income tax surcharge, according to the ________, household consumption should ________
A) PIH; fall as disposable income falls B) PIH; rise since the decrease is disposable income is temporary C) LCH; fall since disposable income over the lifecycle falls D) None of the above is correct since a temporary change affects neither permanent income or relative lifecycle earnings.
When did Keynes write his great work, The General Theory of Employment, Interest, and Money?
a. During the 1920s b. During the 1930s c. During the 1940s d. During the 1950s
In perfect competition, price is equal to marginal revenue, while in monopoly, price is greater than marginal revenue.
Answer the following statement true (T) or false (F)