To say that the natural rate of unemployment changes over time is to say that
a. the short-run Phillips curve shifts over time.
b. the long-run Phillips curve shifts over time.
c. the aggregate demand curve shifts over time.
d. the Federal Reserve influences the natural rate of unemployment over time.
b
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A President who favors the use of government spending and taxes as tools to offset instability in the economy is likely to have advisers who are oriented toward
A) Keynesian economics. B) Monetarist economics. C) rational expectations. D) the policies advocated by Milton Friedman.
In the above figure, if the union has Q2 members and wants to ensure that all members have jobs, it will set wage equal to
A) W1. B) W2. C) W3. D) none of the above.
Suppose that foreign citizens decide to purchase more U.S. pharmaceuticals and U.S. citizens decide to buy more stock in foreign corporations. Other things the same, these actions
a. raise both U.S. net exports and U.S. net capital outflows. b. raise U.S. net exports and lower U.S. net capital outflows. c. lower both U.S. net exports and U.S. net capital outflows. d. lower U.S. net exports and raise U.S. net capital outflows.
Figure 10-2
Figure 10-2 shows demand and short-run cost curves for a perfectly competitive firm. At its profit-maximizing output, the firm's total ____ is represented by area ____.
a.
loss; GBHC
b.
profit; ADGHC
c.
loss; ADEC
d.
profit; EGH