Many economists think that, in the long run, the Phillips curve is
A. a horizontal line.
B. a vertical line.
C. the same as the short-run curve.
D. a 45-degree line from the origin.
Answer: B
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Money does not solve the double coincidence of wants problem unless it is generally acceptable
a. True b. False Indicate whether the statement is true or false
The quintile distribution of family income in the United States shows
A) the average incomes of 5-person families grouped by age, sex, race, education, and similar factors. B) the percentage of total family income received by each 5 percent of U.S. families grouped by income. C) the percentage of total income received by each 20 percent of U.S. families grouped by income. D) the percentage of total family income spent on food, clothing, shelter, medical care, and essential services. E) the percentage of total family income stemming respectively from wages, interest, profit, rent, and welfare grants or other transfers.
Economies of scale are said to exist when inputs are increased by some percentage and output increases by a(n) __________ percentage, causing unit costs to __________.
The Japanese currency is called the
A) DM. B) Yen. C) Euro. D) Dollar. E) Pound.