A typical Keynesian Phillips curve ________.
a. is vertical
b. slopes downward
c. slopes upward
Answer: b. slopes downward
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If asset prices fall and inflation expectations remain unchanged, what happens to inflation and unemployment? Defend your answer
Economics is the study of how
A. psychology influences preferences. B. people make choices. C. preferences are determined. D. people become selfish.
The real output of a DVC increases from $200 billion to $260 billion and its population increases from 100 to 120 million, its real per capita output will have:
A. remained unchanged. B. increased by about $167. C. increased by about $55. D. decreased by about $20.
Given that MEC(q) = 2q2, what can be inferred about the total cost of pollution as output increases?
A) The total cost of pollution is increasing. B) The total cost of pollution is positive. C) The total cost of pollution is growing at a positive rate. D) The total cost of pollution is growing at an increasing rate. E) The total cost of pollution is changing.