When neo-Keynesians looked at 1970s–1980s inflation and unemployment data, they found
a. not a single Phillips curve, but a set of Phillips curves
b. a relatively well-behaved downward-sloping Phillips curve
c. a vertical Phillips curve, which helped to explain stagflation
d. a Phillips curve that was very similar to the Phillips curve of the 1960s
e. a Phillips curve that behaved like a Laffer curve
A
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Maintaining the growth of the money supply at a constant rate is an example of
A) an inflation targeting rule. B) a nominal GDP targeting rule. C) discretionary policy. D) a money demand rule. E) a money targeting rule.
The marginal cost curve:
a. Declines initially as output increases and rises with further increases in output b. Is equal to the average variable cost curve c. Rises initially as output increases and declines with further increases in output d. Is always constant
If there are important spillover benefits from consumption of a good, a. government should prohibit its production
b. taxes should be imposed on producers of the product. c. the market demand curve for the good understates the value of the product to society and resources are therefore underallocated to its production. d. the market demand curve for the good overstates the value of the product to society and resources are therefore overallocated to its production.
Which of the following is one of the properties of muscles?
A. Excitability B. Antagonist C. Pronator D. Stability