When the expected inflation rate? ________, the short?run Phillips curve? ________.
A. ?falls; shifts upward
B. rises; shifts downward
C. ?rises; shifts upward
D. falls; does not shift
E. rises; might shift upward or downward depending on how the long?run Phillips curve shifts
Answer: C. ?rises; shifts upward
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? Assume that Figure 4-4 shows demand for soda. An increase in the price of bottled water will change demand from
A. D1to D2. B. D2to D1. C. D3to D2. D. D3to D1.
If the supply and demand curves for a product both decrease, then equilibrium:
A. quantity must fall and equilibrium price must rise. B. price must fall, but equilibrium quantity may rise, fall, or remain unchanged. C. quantity must decline, but equilibrium price may rise, fall, or remain unchanged. D. quantity and equilibrium price must both decline.
Number of FigsVCMCAVCFCTCATC0???100??19090????2?????1353??80???4????400?
Table 5.4 presents the cost schedule for David's Figs. If David produces four figs, David's average total costs are:
A. $60. B. $75. C. $100. D. $400.
Which of the following is TRUE about species in the world?
A. No species has ever become extinct. B. Most extinct species became extinct within the past 30 years. C. The majority of extinct species became extinct before humans appeared. D. Extinct species became extinct only after human appeared.