On the modern Phillips curve, the beginning of a recession is shown by ________
A) an upward movement along the Phillips curve to a higher inflation rate
B) an upward shift of the Phillips curve leading to higher inflation rates for any unemployment rate
C) a downward shift of the Phillips curve leading to lower inflation rates for any unemployment rate
D) a downward movement along the Phillips curve to higher unemployment rates
E) none of the above
D
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"Material" wealth cannot be distinguished in any useful way from wealth (with no modifying adjective) because
A) all wealth consists finally of valued experiences. B) material objects are not essential to the creation of wealth. C) wealth includes anything a person can purchase with money, whether material or not. D) wealth usually fluctuates in value while matter cannot be created or destroyed.
Which of the following firms is likely to have the highest market power?
A) A perfectly competitive firm B) A monopolistic competitor C) A monopoly D) An oligopoly with homogeneous products
If autonomous investment increases by $200 million and the marginal propensity to consume (MPC) is 0.75, then
A. real Gross Domestic Product (GDP) will rise by $400 million. B. real Gross Domestic Product (GDP) will rise by $800 million. C. real Gross Domestic Product (GDP) will fall by $200 million. D. real Gross Domestic Product (GDP) will rise by $200 million.
If successive units of a good are consumed, the marginal utility gained typically:
A. decreases at the same rate for all people. B. increases at the same rate for all people. C. decreases at different rates for different people. D. increases at different rates for different people.