For the law of supply, what does “Qs” stand for?
a. quantity surplus
b. quantity supplied
c. quality surplus
d. quality supplied
b. quantity supplied
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In the above figure, what factor might have caused the shift in the short-run Phillips curve from SRPC1 to SRPC2?
What will be an ideal response?
Careetha has just taken a fixed-rate loan and agreed to pay a nominal interest rate of 6 percent. If the inflation rate during the first year of the loan was 2 percent, her real interest rate that first year was
a. 6 percent b. 8 percent c. 4 percent d. 12 percent e. impossible to calculate without additional information
Suppose the United States reduced the tariff on a major imported item. Under a system of flexible rates of exchange, this would tend to
a. cause the dollar to appreciate. b. cause the dollar to depreciate. c. decrease the U.S. balance of trade deficit. d. increase the current account surplus.
If the unemployment rate falls below its long-run level, which policies would be appropriate to stabilize output?
a. increase the money supply, increase taxes b. increase the money supply, cut taxes c. decrease the money supply, increase taxes d. decrease the money supply, cut taxes