If the aggregate supply curve is vertical, then the short-run Phillips curve will
A. be horizontal.
B. also be vertical.
C. slope upward.
D. slope downward.
Answer: B
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If we subtract the number of persons not in the labor force from the civilian noninstitutional population, we get the number of people in the
A) ranks of the unemployed. B) civilian labor force. C) ranks of the employed. D) ranks of discouraged workers. E) none of the above
If the San Diego Opera decreases the price of their opera tickets and their total revenue falls, then this suggests that, at the original price, the demand for tickets to the San Diego Opera was:
A. either elastic or inelastic. B. elastic. C. inelastic. D. unit elastic.
Which scenario best explains the Keynesian transmission mechanism when the investment demand curve is vertical?
A) The interest rate falls, investment falls even more, the AD curve shifts rightward, but total expenditures do not change. B) The interest rate falls, investment rises, total expenditures rise, and the AD curve shifts rightward. C) The interest rate falls, investment falls instead of rising, and the AD curve ends up shifting leftward. D) The interest rate falls, but investment does not respond; there is no change in total expenditures and no shift in the AD curve.
In 2001, Microsoft was found guilty of violating:
A. Section 7 of the Clayton Act. B. Sections 1 and 2 of the Sherman Act. C. the Federal Trade Commission Act. D. Section 20 of the Wagner Act.