In the expectations-augmented Phillips curve, ? = ?e - 3(u - 0.05). When ? = 0.06 and ?e = 0.03, the unemployment rate is
A) 0.04.
B) 0.05.
C) 0.06.
D) 0.07.
A
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What problems does a command economy face when it tries to determine what to produce for the economy?
What will be an ideal response?
The value of a producer's output minus the value of the inputs it purchases from other producers is called the producer's
A) surplus. B) profit. C) value added. D) gross product.
A factory produces 1,000 radios a year, AVC = $10 and TFC = $5,000. The factory’s TC
A. equals $15. B. equals $5,005. C. equals $15,000. D. cannot be determined from the information given.
Brand loyalty in monopolistically competitive markets manifests itself as
A) upward sloping marginal cost curves. B) downward sloping demand curves. C) downward sloping marginal cost curves. D) upward sloping demand curves.