The Phillips Curve is steeper at higher rates of inflation and lower levels of unemployment
a. True
b. False
Indicate whether the statement is true or false
True
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The potential conflict of economic policy with political objectives can be used to explain
A. The ups and downs in overall business activity. B. The election of the Federal Reserve's Board of Governors. C. Illegal behavior on the part of politicians and economists. D. Why politicians stimulate the economy before an election and restrict it afterward.
Industrial policy is an effort by a government to:
A. identify the most profitable industries in the world, and adopt them in their country. B. control markets that are industrial. C. regulate prices in particular industries. D. favor some industries over others.
In year 1, inventories rose by $25 billion. In year 2, inventories fell by $20 billion. In calculating total investment, national income accountants would have:
A. increased it by $25 billion in year 1 and decreased it by $20 billion in year 2. B. decreased it by $25 billion in year 1 and increased it by $5 billion in year 2. C. increased it by $25 billion in year 1 and decreased it by $5 billion in year 2. D. decreased it by $25 billion in year 1 and increased it by $20 billion in year 2.
The table below represents Freedonia's macroeconomic data for Year 1 and Year 2.
Suppose that the production function is given by Y = AK0.25N0.75. Between Year 1 and Year 2, total factor productivity of Freedonia's economy increased by
A. 5.5%. B. 12.7%. C. 5.0%. D. -1.5%.