The curve that shows the relationship between inflation and unemployment when the economy is at full employment is the
A) aggregate supply curve.
B) long-run Phillips curve.
C) long-run Okun's curve.
D) aggregate demand curve.
E) short-run Phillips curve.
B
You might also like to view...
"To each according to what he or she produces" describes the ________ theory of income determination
A) productivity B) egalitarian C) equity D) needs
The U.S. banks have grown primarily through: a. America's longstanding preference for big banks. b. surviving banks buying up bankrupt banks
c. excellent customer service. d. mergers and acquisitions. e. deposit insurance policy.
The application of game theory to economics allows us to understand firm behavior in some forms of oligopoly. Game theory suggests that in a two-firm industry, each firm will
a. avoid pricing high when the other prices low b. select high prices and defend that selection because, in the long run, their profits are higher than if they competed by lowering prices c. end up mistaking the other's intentions, which results in low prices and low profit for both in the long run d. end up colluding with the other to form a cartel e. agree with the other not to allow other firms to enter the industry
Refer to the figure below.
If this market is unregulated, total economic surplus is:
A. $32. B. $84. C. $48. D. $20.