Samuelson and Solow believed that the Phillips curve offered policymakers a menu of possible economic outcomes

a. True
b. False
Indicate whether the statement is true or false


True

Economics

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Starting from long-run equilibrium, a large tax increase will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.

A. recessionary; lower; potential B. expansionary; lower; potential C. expansionary; higher; potential D. recessionary; lower; lower

Economics

With perfect price discrimination ________, and production is expanded until marginal revenue equals ________

A) the firm's demand curve becomes its marginal revenue curve; marginal cost B) the firm's demand curve becomes its marginal revenue curve; average total cost C) the firm's marginal revenue curve bisects the angle with which demand intersects the price-axis; marginal cost D) the firm's marginal revenue curve bisects the angle with which demand intersects the price-axis; average total cost E) economic profit is maximized when the lowest price equals marginal cost; average total cost.

Economics

Economic discrimination occurs when two equal factors of production are paid differently.

Answer the following statement true (T) or false (F)

Economics

If price is between the break-even point and the shutdown point, in the long run the firm will

A. operate. B. shut down. C. stay in business. D. go out of business.

Economics