The graph depicting the inverse relationship between the economy's rate of unemployment and rate of inflation is called the
a. Laffer curve
b. aggregate expenditure model
c. Keynesian cross
d. Phillips curve
e. consumption curve
D
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Two countries, A and B, produce Good X. Which of the following statements is true of the trading price of Good X?
A) The trading price of Good X is less than the opportunity cost of producing the good in both nations. B) The trading price of Good X is greater than the opportunity cost of producing the good in both nations. C) The trading price of Good X lies between the opportunity costs of producing the good in both nations. D) The trading price of Good X is always equal to the opportunity cost of producing the good in Country A.
When a cartel maximizes its profit,
A) each firm necessarily produces the same amount. B) the industry level of output is efficient. C) industry marginal revenue equals industry marginal cost at the level of total output. D) total output is greater than it would be without collusion.
Other things remaining unchanged, which of the following is most likely to cause an increase in the demand for personal computers?
a. A reduction in the price of personal computers b. An increase in the supply of personal computers c. An increase in the cost of computer printing ink d. An increase in the number of computer manufacturers e. A requirement by universities that all students buy personal computers
A difficulty with effective fiscal policy is the:
A. guess as to what potential GDP is. B. reality of time lags. C. lack of relevant information needed to decide the magnitude of change. D. All of these are true.