Use the above figure. Graph ________ correctly depicts the short-run Phillips Curve.
A. A
B. B
C. C
D. D
Answer: D
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A market situation where a small number of sellers compose the entire industry is called
a. monopolistic competition. b. monopsony. c. monopoly. d. oligopoly.
Suppose the U.S. price level rises 25 percent at a time when Japan experiences stable prices. As a result, the U.S. demand for Japanese goods will __________, and the Japanese demand for U.S. goods will __________; in turn, this will increase the demand for Japanese yen and decrease the supply of Japanese yen; in turn, the dollar will depreciate and the yen will appreciate
A) rise; fall B) fall; rise C) rise; rise, too D) fall; fall, too
Which of the following statements best expresses the law of diminishing marginal benefit?
A. The marginal benefit of the product increases as less of the product is consumed. B. The marginal benefit of a product decreases as less of the product is consumed. C. The total benefit from the product decreases as more of the product is consumed. D. The marginal benefit from a product increases as more of the product is consumed.
Did the United States ratify the Kyoto Protocol? Why or why not?
a. Yes; but it has failed to meet targets for a number of years. b. No; the United States had promised to sign on January 1, 2008, but never did. c. Yes; and it has met its target each year. d. No; he United States believed the targets were impossible to meet without great harm to the industrial base.