The short-run Phillips curve implied when all changes in aggregate demand are caused by changes in the money supply is
a. upward sloping.
b. downward sloping.
c. horizontal.
d. vertical.
e. None of the above
B
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The average revenue curve can also be described as the demand curve
a. True b. False Indicate whether the statement is true or false
Recently several food companies have adopted policies for "humane" treatment of animals to apply to providers of their meats. The food companies expect that their action will help differentiate their product from their competitors who have not adopted such policies. They expect that "differentiation" of their product will allow them to:
a) Do little to change their price because the food industry is a very competitive industry b) Lower price so they will be able to sell more product c) Raise price to cover higher input costs and get higher profit
Exhibit 15-2 Production possibilities curves for U.S. and Mexico
As shown in Exhibit 15-2, the United States has a comparative advantage over Mexico in:
A. wheat, but not in cloth. B. cloth, but not in wheat. C. both wheat and cloth. D. neither wheat nor cloth
Refer to the above figure. At a price of four cents, a(n) ________ of bubble gum will exist in the market.
A. shortage B. equilibrium quantity C. excess quantity demanded D. surplus