Which of the following led to the collapse of the Phillips curve?
A. Rightward shift in the demand for labor curve
B. Leftward shift of the Phillips curve
C. Leftward shift of the aggregate supply curve
D. Rightward shift of the aggregate demand curve
Answer: C
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The structural change that accompanies the early stages of development can be characterized as
a. an increased percentage of output in manufacturing at the expense of agriculture and services b. an increased percentage of output in services at the expense of agriculture and manufacturing c. an increased percentage of output in agriculture at the expense of manufacturing and services d. an increased percentage of output in agriculture and manufacturing at the expense of services e. none of the above
For each of the following, how would they be included in the national income accounts?
a. The University of California buys a new computer. b. Charles buys a new MP3 player. c. Marian buys a new mountain cabin. d. Vikki buys an old mansion with hopes of restoring it. e. Farmer Brown buys a used combine harvester.
If the products of two firms are homogeneous, then they
A. Are perfect substitutes. B. Are costless to produce. C. Must be used together. D. Differ from each other.
In general, a "big ticket item" such as a house or new car will
A) tend to have a more elastic demand than a lower-priced good. B) tend to have an inelastic demand because spending on the item takes up a large share of the average consumer's budget. C) tend to have an inelastic demand because it has many substitutes. D) tend to have a more inelastic demand the more time that passes.