The Phillips curve:
a. was relatively well-defined during the 1960s.
b. demonstrates how to achieve stable economic growth.
c. shows the trade-off between deficits and inflation.
d. helps to stimulate entrepreneurial profits.
e. becomes vertical at full employment.
a
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Which of the following does not influence the position of the long-run aggregate supply curve?
a. The quantity of raw materials available for production b. The quantity of capital used in production c. The quality of the labor force d. The actual price level e. The size of the labor force
The primary functions of money are
a. velocity, liquidity, and transactions b. speculative demand, measure of value, and precautionary demand c. a medium of exchange, a measure of value, and a store of value d. a store of value, heterogeneity, and a medium of exchange e. currency value, fiat value, and accepted value
Which of the following is true of long-run costs and short-run costs? a. In the long run, changes in variable costs and fixed costs will cancel each other out. b. In the long run, no costs are truly fixed costs. c. In the short run, no costs are truly fixed costs
d. In the short run, marginal costs are fixed costs.
The long-run aggregate supply curve is _____.
Fill in the blank(s) with the appropriate word(s).