At the natural rate of unemployment, the long-run Phillips curve has a(n)
a. vertical slope.
b. horizontal slope.
c. upward slope.
d. downward slope.
a
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In monopolistic competition, firms do not have to produce innovative products because they have downward-sloping demand curves
Indicate whether the statement is true or false
In the figure above, the SLF curve is the supply of loanable funds curve and the PSLF curve is the private supply of loanable funds curve. If there is no Ricardo-Barro effect, the figure shows a situation in which the government has a budget
A) deficit of $0.2 trillion. B) deficit of $1.6 trillion. C) surplus of $1.4 trillion. D) surplus of $0.2 trillion. E) surplus of $1.8 trillion.
As output increases, AVC approaches ATC because of
A) diseconomies of scale. B) diminishing marginal returns. C) decreasing average fixed cost. D) increasing marginal cost.
Governments around the world tend to auction quota licenses
A) never. B) seldom. C) often. D) always.