In a graph of unemployment rates (on the horizontal axis) versus inflation rates (on the vertical axis), the short-run Phillips Curve is
A) downward sloping. B) vertical.
C) upward sloping. D) horizontal.
A
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Assume the MPC is 0.72 . The multiplier is
a. 4.53. b. 1.39. c. 2.57. d. 3.57.
A study of the U.S. price level and real GDP from 1972 to 2007 reveals a clear upward march toward higher prices and greater output. What explains this?
A. Both the aggregate demand curve and the aggregate supply curve have shifted to the left year after year. B. Both the aggregate demand curve and the aggregate supply curve have shifted to the right year after year. C. The aggregate supply curve has shifted to the right, while the aggregate demand curve has shifted to the left. D. The aggregate supply curve has shifted to the left, while the aggregate demand curve has shifted to the right.
The ratio of total costs to the quantity produced is referred to as
A) average fixed costs. B) average variable costs. C) marginal costs. D) average total costs.
If the price elasticity of supply of smartphones is constant and equal to 3, a 10 percent increase in price will result in a change in quantity supplied equal to
A. -30 percent. B. 3 percent. C. 30 percent. D. 33 percent.