The long-run Phillips curve shows the relationship between
A) real GDP and the natural unemployment rate.
B) the nominal interest rate and real interest rate.
C) real GDP and potential GDP.
D) the inflation rate and the natural unemployment rate.
E) the inflation rate and the unemployment rate.
D
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If labor is the only variable input, an increase in the quantity of labor:
a. does not have any effect on the quantity of output. b. causes the output to increase initially at a diminishing rate and then at an increasing rate. c. causes the output to increase at a constant rate till the last worker is hired. d. causes the output to increase initially at an increasing rate and then at a decreasing rate. e. causes the output to decrease at a constant rate till the last worker is hired.
In Figure 32.1, at the market price-quantity combination, the consumer surplus is 
A. HPfloorBG. B. APfloorB. C. P*AC. D. HP*C.
A return above implicit and explicit costs is called
A. accounting profit. B. economic profit. C. opportunity cost. D. total revenue.
When a price ceiling is set below the equilibrium price, the quantity supplied ________ the quantity demanded and ________ exists
A) is less than; a surplus B) is less than; a shortage C) is greater than; a surplus D) is greater than; a shortage E) equals; an equilibrium