The slope of the short-run Phillips curve is consistent with:
a. the long-run trade-off between the unemployment rate and inflation.
b. the long-run trade-off between inflation and GDP.
c. the short-run trade-off between the money supply and interest rates.
d. the short-run trade-off between business productivity and wage contracts.
e. the short-run trade-off between the unemployment rate and inflation.
e
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Which of the following is a feature of the scientific method?
A) The scientific method is not based on data, statistics, or measurements. B) The scientific method allows improvisation and correction of inconsistent models. C) The scientific method enables the creation of perfectly accurate models of the real world. D) The scientific method is used only for studying topics related to economics.
The income elasticity of demand for restaurant meals is 1.61. So
A) if income increases by 16.1 percent, the quantity demanded of restaurant meals will increase by 10 percent. B) if income increases by 10 percent, the quantity demanded of restaurant meals will increase by 16.1 percent. C) restaurant meals are an income elastic normal good. D) Both answers B and C are correct.
A stock is a measure defined:
A. in real terms. B. at a point in time. C. per unit of time. D. in nominal terms.
In the pre-World War I period, the U.S. exported mainly
A) manufactured goods. B) services. C) primary products including agricultural. D) technology intensive products. E) weapons.