If global prices are lower than domestic prices, the short-run Phillips curve is likely to be horizontal.
Answer the following statement true (T) or false (F)
True
Globalization caps the rise in domestic prices so that the unemployment rate can fall without causing inflation. This means the short-run Phillips curve is horizontal.
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The equilibrium price for a British pound is $1.60. At a price of $1.75 per British pound, there would be excess __________ the dollar and the dollar would __________
A) supply of; appreciate B) supply of; depreciate C) demand for; appreciate D) demand for; depreciate
With a tax of $12, hours of work become
Suppose the supply of labor is W – t = 10H, where W is the gross wage, t is the tax (in dollars), and H is labor hours. The demand for labor is W = 120 – 2H. a) H = 8 b) H = 9 c) H = 10 d) H = 11 e) H = 12
The exchange rate between yen and dollars at one point in 2010 was 83 yen per dollar. If a Big Mac, fries, and a Coke cost $3.91 in San Francisco, how much should the same order cost in yen in Osaka?
A. 0.03 B. 325 C. 392 D. 422
Exhibit 7-12 Marginal revenue and cost per unit curves
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As shown in Exhibit 7-12, the firm's short-run supply curve is the:
A. entire marginal cost curve. B. rising part of marginal cost beginning at E. C. rising part of marginal cost beginning at F. D. entire marginal revenue curve.