The Samuelson and Solow Phillips curve suggested a(n) __________ relationship between the rate of change in __________ and the unemployment rate
A) direct; real wage rates
B) inverse; money wage rates
C) inverse; prices
D) direct; prices
E) none of the above
C
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Price-discriminating, profit-maximizing monopolists charge higher prices to buyers who have more elastic demand curves
a. True b. False
Define an economy. Illustrate with an example that the economic life of every individual is interconnected
If a country has a comparative advantage in wine moved from autarky to free trade, this would cause what reaction in the world market?
A. Domestic wine consumers would be opposed. B. Domestic wine consumers would not be influenced. C. Foreign wine producers would be opposed. D. Domestic wine producers would be opposed.
An open economy's GDP is given by
A. Y = C + I + G. B. Y = C + I + G + T. C. Y = C + I + G + S. D. Y = C + I + G + NX.