Which of the following statements best describes the Phillips curve from a Keynesian viewpoint?
a. From a Keynesian viewpoint, the Phillips curve should slope down so that higher unemployment means lower inflation.
b. From a Keynesian viewpoint, the Phillips curve should slope down so that lower unemployment means lower inflation.
c. From a Keynesian viewpoint, the Phillips curve should slope down so that higher unemployment means higher inflation.
d. From a Keynesian viewpoint, the Phillips curve should slope down so that lower unemployment means higher inflation.
a. From a Keynesian viewpoint, the Phillips curve should slope down so that higher unemployment means lower inflation.
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When the demand for a good is inelastic, that good is likely to have:
A. many close complements. B. few close substitutes. C. few close complements. D. many close substitutes.
Low wages and poor working conditions in many U.S. trade partners
A) prove that the gains-from-trade arguments of the Ricardian model are false. B) may be a fact of life, but economists don't care. C) are facts emphasized by U.S. labor in its contract negotiations. D) prove that the gains-from-trade arguments of the Ricardian model are true. E) prove that international trade is exploitative.
Jamal earns $160,000 per year and Josephina earns $80,000 per year. They both pay the same price to buy the identical automobile and each pays $1,600 in sales tax. In relation to their relative incomes, this is an example of a
A) regressive tax. B) progressive tax. C) proportional tax. D) marginal tax.
Within the aggregate demand/aggregate supply framework, the quantity produced and purchased in the goods and services market represents
a. nominal output or nominal GDP. b. the interest rate. c. real output or real GDP. d. the consumer price index.