A predominant view among Federal Reserve officials is that
A) the Phillips curve is unimportant.
B) the Phillips curve helps us forecast inflation.
C) the Phillips curve helps us forecast the nominal interest rate.
D) the Phillips curve does not exist in the data.
A
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Say's law
A. was a basic pillar of classical economics. B. was a basic pillar of Keynesian economics. C. was formulated during the Great Depression. D. proves that we can never have full employment.
In the short run, when a firm produces zero output, total cost equals
A. Marginal costs. B. Zero. C. Variable costs. D. Fixed costs.
Social Security is
A) an insurance program operated by the federal government. B) a retirement program that invests the person's contributions into interest-earning financial assets so the proceeds can fund the person's retirement. C) a social insurance program that guarantees that an elderly person will never fall below the poverty level. D) an intergenerational transfer program that only vaguely relates to past earnings.
Several houses built in a country during a certain year got damaged due to an earthquake. Which of the following is likely to happen due to this damage?
A) The country's GDP will remain unchanged. B) The trade surplus of the country will increase. C) The country's GDP will decrease. D) The trade deficit of the country will increase.