In the short run, the Phillips Curve is ________.
A. horizontal
B. upward sloping
C. downward sloping
D. vertical
Answer: C
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An allocation in which one person can be made better off only by making someone else worse off is
A) inefficient. B) efficient. C) a partial equilibrium. D) a general equilibrium.
Subtracting the inflation rate from the nominal rate of interest tells you the:
A. nominal rate of return. B. real interest rate. C. real rate of inflation. D. price level of the economy. AACSB: Analytical Thinking
Political instability is an obstacle to development in:
A. both market and socialist economies. B. neither market nor socialist economies. C. market economies. D. socialist economies.
The supply curve for housing in the very short run is likely to be
A. perfectly elastic. B. unit-elastic elastic. C. very elastic. D. very inelastic.