When the natural unemployment rate ________, the short-run Phillips curve shifts ________ and the long-run Phillips curve shifts ________
A) increases; rightward; rightward
B) increases; rightward; leftward
C) decreases; rightward; rightward
D) decreases; leftward; rightward
E) increases; leftward; leftward
A
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Real GDP refers to ________.
A. GDP data that does not reflect changes in both physical output and the price level B. the value of the domestic output after adjustments have been made for environmental pollution and changes in the distribution of income C. GDP data that embodies changes in the price level but not changes in physical output D. GDP data that has been adjusted for changes in the price level
In game theory, the strategy that results in the highest payoff to a player regardless of what the other player decides to do is called the:
A) Stackleberg equilibrium. B) equilibrium strategy. C) min-max strategy. D) dominant strategy.
Michael Potter argued that ____ led to firms earning economic profit over extended periods of time
A) the ease of substitution B) market power C) the extent of consumer power D) degree of competition from foreign tariffs
The current rate of unemployment of 5 percent is too high. This is a _______ statement.
A) normative B) ceteris paribus C) positive D) fallacy of false cause