In 1968, economist Milton Friedman published a paper criticizing the Phillips curve on the grounds that
a. it seemed to work for wages but not for inflation.
b. monetary policy was ineffective in combating inflation.
c. the Phillips curve did not apply in the long run.
d. Phillips had made errors in collecting his data.
c
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The statement "Unemployment should be below 6 percent" is
A) a positive statement. B) a normative statement. C) a prediction. D) an assumption.
In an oligopolistic market, if rival sellers act independently, each will have a strong incentive to
a. reduce price in order to increase sales and gain a larger share of the total market. b. increase price in order to get a larger share of the market and make larger profits. c. restrict output and raise price in order to achieve higher profits. d. maintain agreements to lower price and decrease product quality in order to earn higher profits.
Most firms are structured as corporations
Indicate whether the statement is true or false
According to the concept of present value, a $50 barrel of oil today is worth:
A. less than a $50 barrel in 2 years. B. more than a $50 barrel in 2 years. C. the same as a $50 barrel in 2 years. D. the same as a $50 barrel in 2 years, but only if there is no inflation during those 2 years.