The long-run Phillips curve is a (an) _____________line at the natural rate of unemployment.
vertical
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The aggregate supply curve is the total quantity of
A) raw materials offered for sale at different inflation rates. B) final goods and services offered for sale at the current inflation rate. C) final goods and services offered for sale at different inflation rates. D) intermediate and final goods and service offered for sale at different inflation rates.
In the U.S. the number of households is:
a. Growing b. Staying the same c. Decreasing slowly d. Decreasing at a fast rate
Using Figure 1 above, if the aggregate demand curve shifts from AD1 to AD2 the result in the short run would be:
A. P1 and Y2. B. P3 and Y1. C. P2 and Y2. D. P2 and Y3.
Refer to Figure 10.4. If the market was a monopoly, the consumer surplus would be:
A. $625. B. $450. C. $300. D. $225.