The inverse trade-off between inflation and unemployment is known as the:
a. Laffer curve.
b. aggregate supply curve.
c. Phillips curve.
d. aggregate demand curve.
e. Keynesian curve.
c
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The definition of the adult population is those who are 16 years and older and who are
A) employed or unemployed. B) in the labor force. C) in the labor force or not in the labor force. D) not in the labor force.
The absolute price elasticity of demand for a product that has many good substitutes is probably
A) less than 1. B) greater than 1. C) equal to 1. D) infinity.
Refer to the data provided in Table 17.3 below to answer the following question(s). The table shows the relationship between income and utility for Terri.Table 17.3 IncomeTotal Utility $00$20,00010$40,00025$60,00045$80,00075Refer to Table 17.3. Suppose Terri has a 25% chance of becoming disabled in any given year. If she does become disabled, she will earn $0. If Terri does not become disabled, she will earn her usual salary of $80,000. Terri has the opportunity to purchase disability insurance for $20,000 which will pay her her full salary in the event she becomes disabled. Would Terri purchase such a policy?
A. yes B. no C. maybe D. indeterminate from the given information
Suppose Campus Books, a profit-maximizing firm, is the only supplier of the textbook for a given class. The marginal cost of supplying each book is constant and equal to $10, and Campus Books has no fixed costs. The table below shows the reservation prices of the eight students enrolled in the class.StudentReservation Price($/Book)Q60R54S48T42U36V30W30X30 If Campus Books is permitted to charge 2 prices, and the bookstore knows customers with a reservation price above $30 never bother with coupons, whereas those with a reservation price of $30 or less always use them, then how many in total books will the bookstore sell?
A. 8 B. 6 C. 7 D. 5