When workers expect more inflation than actually occurs:
a. the Phillips curve becomes vertical.
b. the long-run Phillips curve shifts to the right.
c. the short-run Phillips curve shifts to the left.
d. there will be a movement down the short-run Phillips curve.
e. there will be a movement up the short-run Phillips curve.
d
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Required reserves are the portion of deposits banks are required to hold and not lend to customers
Indicate whether the statement is true or false
Using the data in the above table, if income is on the x-axis and the amount spent on restaurant meals is on the y-axis, the graph of the two variables would be
A) upward sloping. B) downward sloping. C) vertical. D) horizontal.
Refer to Figure 15-15. The profit-maximizing price is
A) P1. B) P2. C) P3. D) P4.
Which one of the following transactions would be included in GDP?
a. Ava pays $50 for a used picture frame at a neighborhood garage sale. b. Ethan donates $500 to his town's junior college scholarship fund. c. Emily pays $500 to fix the front end of her car damaged in a recent accident. d. Mia pays $5,000 to purchase 100 shares of Microsoft stock.