One way to express the classical idea of monetary neutrality is to draw
a. a downward-sloping short-run Phillips curve.
b. an upward-sloping short-run Phillips curve.
c. a downward-sloping long-run Phillips curve.
d. a vertical long-run Phillips curve.
d
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Basically the United States' high rate of population growth since the time of George Washington's presidency
A. has been a drag on the United States' rate of economic growth. B. pushed up the United States' rate of unemployment. C. created a growing problem of not enough food to feed everyone. D. provided a market for the United States' farmers and manufacturers.
Opportunity cost can best be defined as
A) the interest cost of financing a business loan at the bank. B) the value of all of the alternatives sacrificed. C) the value of the next-highest-ranked alternative. D) There is no real definition for opportunity cost.
The horizontal summation of all individual demands at different given prices results in the
a. market supply curve b. individual supply curve c. individual demand curve d. equilibrium demand and supply curves e. market demand curve
Which statement concerning President Nixon's wage and price controls is not true?
a. They were designed to control inflation . b. As soon as they were lifted, their impact on the economy proved to be ineffective. c. They prohibited wage and price increases for 90 days. d. They were voluntary. e. They distorted free market signals.