Along the long-run Phillips curve, the economy is at an unemployment level that corresponds to an output level lower than the potential output level
a. True
b. False
Indicate whether the statement is true or false
False
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With price on the vertical axis and quantity on the horizontal axis, economists would draw a fall in supply as
A) a leftward shift in the supply curve. B) a rightward shift in the supply curve. C) a vertical supply curve. D) any which way we like.
What is the equilibrium strategy for each firm in a duopolists' dilemma and why do the firms not succeed in colluding to raise the price and profits?
What will be an ideal response?
According to Paul Krugman, during the past decade Japan's macroeconomic policy should have incorporated which of the following?
A) stimulatory monetary policy B) stimulatory fiscal policy C) monetization of the debt by the central bank D) All of the above
Which of the following would cause an increase in the supply of smartphones?
a. An increase in the price of smartphones b. A movement toward the use of laptops by people c. A reduction in the cost of producing smartphones d. An increase in the minimum wage