A.W. Phillips found a
a. positive relation between unemployment and inflation in the United Kingdom.
b. positive relation between unemployment and inflation in the United States.
c. negative relation between unemployment and inflation in the United States.
d. negative relation between unemployment and inflation in the United Kingdom.
d
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Which of the following examples best describes the Law of Supply?
A) When the cost of production of cotton increased, all suppliers' willingness to accept decreased. B) When the market price of pens increased, sellers started supplying more pens. C) When the cost of production of cotton fell, the market price of cotton also fell. D) When the market price of pens increased, sellers started supplying fewer pens.
In the ISLM framework, monetary policy has the greatest impact on equilibrium income when
A) money demand = money supply. B) money demand is infinitely elastic. C) the interest rate is low. D) the investment function is highly interest-sensitive.
After acquiring closely substitutable product brands, a firm can successfully raise prices on both of the brands without losing much of its total sales because
a. Customers are insensitive to price changes b. None of these sales would be captured by its other brand c. Some of these sales lost by one brand would be captured by the other d. All of the above
If the demand for corn is elastic, then:
a. there are not many substitutes for the consumption of corn. b. the price elasticity of demand for corn is less than -1. c. a decrease in price will reduce total revenue for corn producers. d. an increase in price will increase total revenue for corn producers. e. consumers will continue buying the same quantity even if price increases.