The short-run Phillips curve is upward sloping
a. True
b. False
Indicate whether the statement is true or false
False
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Based on the case study, "Exchange Rates, Auto Prices, and Currency Wars," explain why exchange rates are of critical importance to firms in the automobile industry, and how Japan has benefited from changes in the value of the Yen
What will be an ideal response?
A dollar's value can change:
A. over time. B. across different locations. C. Both of these statements are true. D. Neither of these statements is true.
When all the factors of aggregate expenditure are influenced by income, the multiplier is no longer solely a function of the marginal propensity of consumption
a. True b. False Indicate whether the statement is true or false
The justification for the patent system is that it
a. protects desirable monopolies b. encourages innovation c. discourages the development of substitute goods d. guarantees high profit for the monopolies so that they can use the profit as a source for research and development e. discourages competition