Tony left his job three months ago to go back to school full time. He will complete his degree in about three years and then seek a new job. Based on this description, Tony is best described as:
A. frictionally unemployed.
B. cyclically unemployed.
C. structurally unemployed.
D. not in the labor force.
Answer: D
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Moving upward along the aggregate supply curve is equivalent to
A) moving downward along the short-run Phillips curve. B) shifting the short-run Phillips curve leftward. C) shifting the short-run Phillips curve upward. D) moving upward along the short-run Phillips curve. E) shifting the short-run Phillips curve rightward.
If variable cost at each output level doubles,
a. ATC doubles b. AFC doubles c. MC remains unchanged d. MC doubles e. MC less than doubles
When the housing bubble popped, the effect of the negative demand side shock and the negative supply side shock were the same on:
A. output, causing it to definitely decrease. B. prices, causing them to definitely rise. C. output, causing it to definitely increase. D. prices, causing them to definitely fall.
At one time, many economists believed that
A. the government could determine the slope of the Phillips curve. B. the government could make the Phillips curve horizontal. C. the government could decide at which point on the Phillips curve the economy should be. D. the government could determine what the Phillips curve should be.