Friedman and Phelps suggested that there should not be a stable relationship between inflation and unemployment, but there should be a stable relationship between
A) anticipated inflation and frictional unemployment.
B) anticipated inflation and cyclical unemployment.
C) unanticipated inflation and frictional unemployment.
D) unanticipated inflation and cyclical unemployment.
D
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If the slope of a demand curve is infinite, then the price elasticity of demand is:
A. one. B. zero. C. infinite. D. equal to the price of the good.
Use the figure below to answer the following question.
What area represents society's total surplus after the government imposes the excise tax on the market?
A. triangle $1c$9 plus triangle $21a$13 B. triangle abc C. square $13ac$9 plus triangle abc D. triangle $1c$9 plus triangle $21a$13 plus rectangle $13ac$9
A congested side street in your neighborhood is
a. excludable and rival in consumption. b. excludable and not rival in consumption. c. not excludable and rival in consumption. d. not excludable and not rival in consumption.
The United States is divided into ___ Federal Reserve districts
A. 14 B. 12 C. 8