Movements up along a particular short run Phillips curve are not consistent with:
a. Increases in aggregate demand
b. Movements up along the short run aggregate supply curve.
c. Shifting inflationary expectations.
d. Movements up along a particular short run Phillips curve are consistent with all of the above.
c
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To close an expansionary gap, the Fed ________ interest rates which ________ aggregate spending and ________ short-run equilibrium output.
A. raises; decreases; increases B. raises; decreases; decreases C. raises; increases; increases D. reduces; increases; decreases
Once a monopoly has determined how much it produces, it will charge a price that
A) is determined by the intersection of the marginal cost and average total cost curves. B) minimizes marginal cost. C) is determined by its demand curve. D) is independent of the amount produced. E) is equal to its average total cost.
Society's rate of time preference is
A) the extra amount people would be willing to pay to have consumption goods in the future instead of now. B) the value that people place on the time saved by purchasing capital goods rather than consumer goods. C) the extra amount people would be willing to pay to have consumption goods now instead of the future. D) is negative if people prefer present consumption to future consumption.
An asset is ________
A) equal in value to its corresponding liabilities and net worth B) a debt for the owner of the asset C) a net outflow from the revenues of a producing firm D) anything that can be owned and has value