On the vertical axis, the Phillips curve depicts the
A. the rate of unemployment.
B. rate of inflation.
C. rate of growth of nominal GDP.
D. rate of growth of real GDP.
Answer: B
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The worst financial crisis in history was the:
A. Great Crash of 1929. B. South Seas bubble. C. Great Recession. D. housing bubble of 2007.
Dairy farmers hold an annual Capitol Hill ice cream social that provides free ice cream for congressional staffers during which time representatives from the industry discuss issues with, and provide information to, congressional staff. This is an example of
a. logrolling. b. rent seeking. c. pork-barrel legislation. d. the shortsightedness effect.
A supply curve;
(a) Can have either an upward or downward slope depending on whether individuals or firms are considered. (b) Is always upwards sloping because as price increases, more is supplied. (c) Slopes downwards because firms can sell more products when prices fall. (d) Slopes downwards because as greater quantities are produced, average cost of production will fall.
Adam Smith argued that a nation would be wealthier if it engaged in
a. fraud b. free trade c. theft of other nations resources d. genocide