If the expected rate of inflation rose at the same time the natural rate of unemployment rose, the short-run Phillips curve
A) would shift down.
B) would shift up.
C) would not move.
D) might shift up or down or not move, depending on which effect was larger.
B
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All of the following factors are held constant when price changes on a demand curve except:
A) income. B) quantity demanded. C) population. D) tastes and preferences.
If prices (as measured by the CPI) tripled and nominal wages tripled, what would happen to real wages?
a. They would triple. b. They would remain unchanged. c. They would increase by one-third. d. They would decrease by one-third. e. They would increase by a factor of nine.
Laboratory experiments of the ultimatum games revealed that
A) participants' actions were always part of a Nash equilibrium. B) participants always split the money equally. C) the first mover always kept the smaller share. D) the first mover always kept the largest share.
In the long run:
A) all factors of production are fixed. B) only some inputs of a firm can be changed. C) all firms earn positive economic profits. D) all factors of production can be changed.