The Phillips curve summarizes the historical relationship between unemployment and inflation
Indicate whether the statement is true or false
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All of the following are traditional economic views except:
A. there is no such thing as a bad choice. B. choice architecture is ineffective. C. revealed preference shows researchers what the bad choices are. D. choice architects have a responsibility to remain neutral when it comes to choices.
An increase in the price of a product can sometimes represent an improvement in quality rather than inflation
a. True b. False Indicate whether the statement is true or false
Sunk costs:
A. can be ignored because they have no effect on marginal costs. B. should be taken into consideration when choosing the best level of an activity. C. should not be ignored because they lead to higher marginal costs. D. can be ignored because they don't have to be paid by the decision maker.
Refer to the information provided in Figure 7.8 below to answer the question(s) that follow. 
Figure 7.8Refer to Figure 7.8. The slope of isocost AB is
A. greater than the slope of isocost CD. B. less than the slope of isocost CD. C. equal to the slope of isocost CD. D. indeterminate from this information, as the prices of capital and labor are not given.