If the long-run Phillips curve is vertical, then any government policy designed to lower:
a. unemployment will not change the unemployment rate and only increase the inflation rate.
b. unemployment will work leaving the inflation rate unchanged.
c. inflation will cause employment to rise.
d. unemployment will work causing the inflation rate to fall.
e. unemployment will work causing inflation to rise.
a
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If society decides it wants more of one good and ________, then it has to give up some of another good and incur some opportunity costs
A) new resources are discovered B) all resources are fully utilized C) technology advances D) resources are underutilized
Tom & Jerry are running Hanna Barbera's lemonade stand as two profit centers. Tom makes the lemonade while Jerry sells it. Jerry argues that Tom is transferring the lemonade to him priced too high, which forces him to charge the customers a high price, losing sales. Does the decision maker have the information to make a good decision?
a. Yes b. No c. Uncertain d. None of the above
Figure 3.2 shows the total cost and total benefit curves for a professional guitarist. If the guitarist is currently practicing 7 hours per day, then:
A. he should practice more because net benefits would increase.
B. he should practice less because net benefits would decrease.
C. he should practice less because net benefits would increase.
D. he should practice more because net benefits would decrease.
Which of the following would be classified as unemployed
What will be an ideal response?