According to the long-run Phillips curve, which of the following will be the end result of an expansionary monetary policy when unemployment is at its natural rate?
a. Zero inflation
b. Deflation
c. A constant level of potential real GDP
d. A decrease in unemployment
e. An increase in unemployment
c
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The cost borne by a producer in the production of a good or service is called
A) internal cost. B) social cost. C) public cost. D) private cost.
All of the following are true regarding the current status of labor unions EXCEPT
A) organized labor's heyday occurred from the 1940s through the 1970s. B) part of the explanation for the decline in union membership has to do with the shift away from manufacturing. C) the deregulation of certain industries has also contributed to a decline in unionism. D) recent labor laws have diminished worker's rights.
An economic system is the set of rules that define _______ and _______.
A) resources; prices B) who gets to vote; when elections will be held C) market prices; factors of production D) how an economy's resources are to be owned; how decisions about the resources are to be made
A. there is a gap in the marginal revenue curve within which changes in marginal cost will not affect output or price. B. demand is inelastic above and elastic below the going price. C. the model assumes firms are engaging in some form of
collusion. D. the associated marginal revenue curve is perfectly elastic at the going price. A. demand curve will be less elastic than if the other oligopolists matched X's price changes. B. demand curve will be more elastic than if the other oligopolists matched X's price changes. C. marginal revenue curve will have a vertical gap. D. demand and marginal revenue curves will coincide.