The Phillips curve shows the relationship between
A) aggregate supply and the unemployment rate.
B) the inflation rate and the unemployment rate.
C) the rate of growth in real GDP and the unemployment rate.
D) aggregate demand and the unemployment rate.
B
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An increase in net exports will shift the aggregate expenditures curve ________.
A. downward and the aggregate demand curve rightward B. downward and the aggregate demand curve leftward C. upward and the aggregate demand curve leftward D. upward and the aggregate demand curve rightward
An example of fiscal policy occurs when the government makes Social Security payments.
Answer the following statement true (T) or false (F)
In the market for labor, the price of labor is the:
A. real wage. B. same as price of the product produced by the labor. C. number of hours employed per year. D. marginal product of labor.
According to the text, productivity is driven by all of the following EXCEPT:
A. physical capital. B. human capital. C. technological progress. D. natural resources.