The economist who, in his presidential address to the American Economic Association in 1967, attacked the idea of a permanent downward-sloping Phillips curve was
A) A. W. Phillips.
B) Paul Samuelson.
C) Milton Friedman.
D) Robert Lucas.
E) Thomas Sargent.
C
You might also like to view...
In the circular flow model, producers
A) and households spend earnings from resource sales on goods and services in the factor market. B) spend earnings from resource sales on goods and services in the product market. C) sell goods and services in the input market. D) hire resources sold by households in the factor market.
Richard's indifference curve for two goods (bread and butter) is L-shaped, whereas Kate's indifference curve for the same two goods is convex. We can infer that _____
a. Kate considers bread and butter to be perfect substitutes b. Kate considers bread and butter to be perfect complements c. Richard considers bread and butter to be perfect substitutes d. Richard considers bread and butter to be perfect complements
In the Keynesian cross diagram, if the aggregate expenditure line intersects the 45-degree line at potential GDP, then the economy is in recession
a. True b. False Indicate whether the statement is true or false
For a normal good, an increase in consumer income will lead to I. a movement down the demand curve II. a rightward shift in the demand curve III. a reduction in supply
A) I only. B) II only. C) III only. D) both II and III.