If the natural rate of unemployment falls,
a. both the short-run Phillips curve and the long-run Phillips curve shift.
b. only the short-run Phillips curve shifts.
c. only the long-run Phillips curve shifts.
d. neither the short-run nor the long-run Phillips curves shift.
a
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Which of the following is clearly being sold below cost?
A) 2-for-the-price-of-one theatre tickets B) Senior-citizens discounts on meals at the local diner C) The free software included in the purchase of a new personal computer D) The magazine subscription offering 30% off the regular newsstand price E) None of the above.
The official poverty level is based on
A) total net worth. B) pretax income, and includes cash subsidies but does not include in-kind subsidies such as food stamps. C) after-tax income, and includes both cash and in-kind government subsidies. D) wages and salaries, plus any unreported amounts of income from the underground economy.
Which of the following provides the clearest evidence that a business firm is using resources productively?
a. economic profit b. economic loss c. high wages paid to workers d. low wages paid to workers
(The following national income data for an economy are in billions of dollars.)
Refer to the above data. The expenditures approach to GDP calculation can be done by adding:
A.
1 through 7
B.
2 through 7
C.
8 through 11
D.
8 through 13