The short-run Phillips curve illustrates ________ relationship between the unemployment rate and the inflation rate
A) a mixed
B) an upside-down U-shaped
C) a positive
D) no
E) a negative
E
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The law of demand states that
a. there is a positive relationship between price and quantity demanded b. price is the only factor that influences the quantity that people are willing and able to buy c. price and quantity demanded are inversely related d. the demand curve shifts whenever the price of a good changes e. by producing a product, firms create a demand for it
A good example of _______ is the merger between a steel firm and an ice cream firm
a. a horizontal merger b. a vertical merger c. a conglomerate merger d. either a horizontal or vertical merger, depending on whether the oligopoly is balanced or unbalanced e. either a horizontal or vertical merger, depending on the market shares of the two companies
Based on the figure below. Starting from long-run equilibrium at point C, a favorable inflation shock that decreases inflation from ? to ?1 will lead to a short-run equilibrium at point ________ creating _____gap. 
A. A; a recessionary B. B; recessionary C. B; expansionary D. A; an expansionary
The Fed has announced it views its long term target for the inflation rate as:
A. 10 percent. B. 5 percent. C. 0 percent. D. 2 percent.