Consider the following data for a nation
The country's real GDP declined between years:
A.
1 and 2
B.
2 and 3
C.
3 and 4
D.
4 and 5
C.
3 and 4
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When the expected inflation rate ________, the short-run Phillips curve ________
A) rises; shifts downward B) falls; shifts upward C) rises; shifts upward D) falls; does not shift E) rises; might shift upward or downward depending on how the long-run Phillips curve shifts
Trade between industrial countries account for the majority of international trade
a. True b. False Indicate whether the statement is true or false
Microeconomics is the branch of economics that deals with
A) highly aggregated markets or the entire economy. B) the production side of the economy, exclusively. C) the buying side of the economy, exclusively. D) human behavior and choices as they relate to relatively small units --- an individual, a firm, an industry.
Given a nominal interest rate of 8 percent, in which of the following cases would you earn the highest after-tax real interest rate?
a. Inflation is 5 percent; the tax rate is 40 percent. b. Inflation is 4 percent; the tax rate is 30 percent. c. Inflation is 3 percent; the tax rate is 45 percent. d. Inflation is 2 percent; the tax rate is 50 percent.