In the circular flow model, which of the following is on the selling side in the goods market?
A) federal, state, and local governments
B) only households
C) exporters
D) only firms
E) both firms and households
D
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The short run Phillips curve
A) shows that any inflation rate can co-exist with the natural unemployment rate. B) shows the tradeoff between the inflation rate and the unemployment rate, and it shifts when the expected inflation rate changes. C) shows the relationship between the inflation rate and the expected inflation rate, and it shifts when the natural unemployment rate changes. D) shows the relationship between the inflation rate and the nominal interest rate, and it shifts when the natural unemployment rate changes. E) shows the tradeoff between the inflation rate and the unemployment rate and it shifts when the inflation rate changes.
In the 1945 ALCOA case, the court used company performance rather than the structure of the market to determine whether the company was in violation of antitrust laws.
Answer the following statement true (T) or false (F)
A measure of GDP in which quantities produced are valued at the prices of a fixed base year is called:
A. real GDP. B. current GDP. C. nominal GDP. D. base GDP.
Health care improvements often don't happen because:
A. they are too expensive to have any significant impact. B. health care facilities don't exist in some parts of the world. C. they are too expensive to implement. D. doctors overprescribe and drive the cost of health care too high.