When the natural unemployment rate increases, the short-run Phillips curve ________ and the long-run Phillips curve ________
A) shifts rightward; shifts rightward
B) does not shift; shifts leftward
C) shifts rightward; does not shift
D) shifts leftward; does not shift
E) shifts leftward; shifts rightward
A
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Shoe-leather costs arise from inflation because the velocity of circulation of money ________ as the inflation rate ________
A) decreases; rises B) increases; rises C) does not change; rises D) increases; falls E) does not change; falls
If the required reserve ratio is a uniform 25 percent on all deposits, the money multiplier will be:
a. 4.00. b. 2.50. c. 0.40. d. 0.25.
When many sellers are involved in selling their products in a market, the market structure may be which of the following? i. perfect competition ii. monopolistic competition iii. monopoly
a. (i) only b. either (i) or (ii) c. (ii) only d. (i), (ii), or (iii)
As the period for firms to expand output is lengthened, the elasticity of the market supply curve will
a. approach zero. b. increase. c. decrease. d. remain the same since time does not affect the elasticity of market supply.