Which of the following led to the collapse of the Phillips Curve?
a. Rightward shift in the demand for labor curve
b. Leftward shift of the Phillips curve
c. Leftward shift of the aggregate supply curve
d. Rightward shift of the aggregate demand curve.
c
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Using the formula for an infinite sum, if "r" designates the reserve ratio, the 1 / reserve ratio would equal
A) (1 - r). B) 1 / (1 - r). C) r / (1 - r). D) 1 / [1 - (1 - r)].
The rate at which a person is willing to give up a gallon of gasoline to get one more pound of coffee and remain on the same indifference curve is called his or her
A) relative cost of coffee in terms of gasoline. B) indifference cost of coffee. C) personal price of coffee. D) marginal rate of substitution.
One disadvantage of a floating exchange rate system compared to a fixed or managed float exchange rate system is
A) it does not allow the exchange rate to reflect demand and supply in the market. B) it is difficult to maintain. C) it can worsen inflation if domestic prices of imports rise quickly. D) it eliminates the possibility of depreciation during a recession.
A market with many firms that sell goods and services that are close substitutes for one another is called:
A. monopoly. B. perfect competition. C. oligopoly. D. monopolistic competition.