A likely example of complementary goods for most people would be
a. canoes and paddles.
b. snow mobiles and sofas.
c. coffee and tea.
d. tennis balls and basketballs.
a
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The fact that output gaps will not last indefinitely, but will be closed by rising or falling inflation is the economy's:
A. income-expenditure multiplier. B. self-correcting property. C. short-run equilibrium property. D. long-run equilibrium property.
Which of the following equations is incorrect?
A) AFC = ATC - AVC B) ATC = AVC - AFC C) AVC + AFC = ATC D) ATC - AFC = AVC
Economists Milton Friedman and E.S. Phelps suggested that the apparent trade-off suggested by the Phillips curve could not be exploited by policy makers, because
A) economic participants routinely incorporate changes in the inflation rate into their expectations. B) economic participants are not rational, and therefore act unpredictably to any policy change. C) unemployment levels and the inflation rate have a clear, positive relationship. D) unemployment levels and the inflation rate have a negative (inverse) relationship.
Once active discrimination ends, it:
A. no longer affects people or markets. B. is quickly forgotten, and efficiency is reached. C. can have long-lasting effects on people and markets. D. None of these is true.