Along the short-run Phillips curve SRPC0 the natural unemployment rate is
A) 7 percent.
B) 3 percent.
C) 6 percent.
D) an amount that can be determined from the figure, but none of the above answers is correct.
E) an amount that cannot be determined from the figure.
The figure above shows some Phillips curves for an economy.
C
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Economists use the term "business cycle" to refer to
a. the growth of small businesses into major corporations. b. changes in products that occur from improved technology. c. fluctuations in the level of real output and employment. d. periods of increases and decreases in the rate of inflation.
A relationship-specific exchange occurs when:
A. specialized investments are important. B. a partnership is dissolved. C. shareholders receive dividends. D. a partnership is initiated.
The number of firms in an oligopoly must be
A. Small enough so that one firm's decisions have a significant impact on the decisions of the other firms in the industry. B. Large enough so that firms cannot coordinate. C. Small enough so that revenues are large enough to support advertising expenditures. D. Four.
The percentage change in the quantity of peanut butter demanded divided by the percentage change in price of jelly measures:
A. the price elasticity of demand for peanut butter. B. the price elasticity of demand for jelly. C. the cross-price elasticity of demand for peanut butter with respect to the price of jelly. D. the cross-price elasticity of demand for jelly with respect to the price of peanut butter.