Indifference curves that are farther from the origin are preferable to ones that are closer to the origin
a. True
b. False
Indicate whether the statement is true or false
True
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One reason that the Phillips curve "broke down" is that it
a. is unable to explain short-run movements in inflation and unemployment, but does a better job of explaining long-run movements. b. assumes a quick-acting self-correcting mechanism, and the economy has a very slow self-correcting mechanism. c. is a statistical relationship, and some of the points are not sustainable in the long run. d. cannot explain demand-side inflation, and it collapsed when demand-side inflation was predominant in the 1970s.
GDP is a measure of an economy's:
A. domestic price level. B. domestic productivity. C. level of unemployment. D. total output.
Households receive bonds when they
A. purchase a share of ownership in firms. B. sell shares of a firm's stock. C. borrow money from financial institutions. D. lend money directly to firms.
An effective minimum wage tends to
A) increase the supply of unskilled labor. B) decrease the demand for unskilled labor. C) create a surplus of unskilled labor. D) accomplish all of the above. E) accomplish none of the above.