If the Phillips curve aids in forecasting inflation then
A) forecast errors from an alternative forecasting procedure should not be correlated with output fluctuations.
B) there should be no correlation between forecast errors from an alternative forecasting procedure and output fluctuations.
C) the Phillips curve is upward-sloping.
D) the Phillips curve is downward-sloping.
A
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Stability of the U.S. economy between 1985 and 2007 referred to as
A) Great Moderation. B) the Great Depression. C) Automatic Stabilizer. D) Fiscal Discretion.
Something that would cause the long-run aggregate supply curve to shift to the right would be:
A. technological advance. B. discovery of a new oil reserve. C. increase in the growth rate of the labor force. D. All of these would shift the long-run aggregate supply curve to the right.
Although price searchers can set their prices, the prices they can set are still affected by market conditions.
1. True or False: Although price searchers can set their prices, the prices they can set are still affected by market conditions.
2.Suppose firms in a competitive price-searcher market with low barriers to entry are earning an economic profit.
Firms will (exit /enter) this market until economic profits are (positive/ negative/zero).
A tax of a specific absolute sum levied on every person in the nation is a(n)
a. excise tax b. regressive tax c. progressive tax d. income tax e. proportional tax