Stagflation means a simultaneous decrease in the unemployment and inflation rates
a. True
b. False
Indicate whether the statement is true or false
False
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In the circular flow, how are the "value of production," "income," and "expenditures" related?
A) They have no relationship to each other. B) Once tax payments are subtracted at each stage, they are equal. C) Expenditures on GDP equals the value of production which equals income. D) Once net exports of goods and services are subtracted from GDP, all three are equal. E) Value of production always equals income, but expenditures is smaller because households save some of their income and do not spend it.
The short-run Phillips curve is ________ than the long-run Phillips curve
A) flatter B) steeper C) less stable D) Both B and C are correct.
Perfect competition is the term used to describe
A. an industry in which all businessmen are honest and accommodating. B. an industry in which numerous firms produce identical products. C. an industry untouched by government regulation. D. the kind of industry any American would support.
"A reduction in the rate at which stock dividends are taxed will lead to greater investment in the stock market." This is an example of: a. a positive economic statement
b. a negative economic statement. c. the fallacy of composition. d. a normative economic statement.