If the actual inflation rate is equal to the expected rate, which of the following will happen?
a. inflationary expectations will increase and the Phillips curve will shift downward in the short run.
b. inflationary expectations will not change and the Phillips curve will remain in its current position in the short run.
c. inflationary expectations will decrease and the Phillips curve will shift downward in the short run.
d. inflationary expectations will stay constant and the Phillips curve will shift downward in the short run.
e. inflationary expectations will not change and the Phillips curve will become horizontal in the short run.
B
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The more human capital workers have, the:
A. more productive they are. B. more technology they will require for their job. C. lower the value of their marginal product. D. less productive they are.
Activists hold that
A) activist monetary policy is flexible. B) nonactivist monetary policy is inflexible. C) the economy does not always return quickly enough to full-employment output. D) a and b E) all of the above
One of the two criteria for a resource to be considered as a natural resource is that it must:
A) have been produced. B) be found in nature. C) be part of a factory or building. D) not be used to produce goods and services.
The vertical distance between the horizontal axis and any point on a nondiscriminating monopolist's demand curve measures:
A. the quantity demanded. B. product price and marginal revenue. C. total revenue. D. product price and average revenue.