The Monetarists argue that in the long run, the Phillips Curve is vertical because
A) wages and prices are flexible.
B) money demand is unstable.
C) investment is unstable.
D) wages change more slowly than the price level.
D
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Goods and services provided by state and local governments are:
A. included in GDP at cost. B. excluded from GDP because they are not sold in markets. C. excluded from GDP because they are publicly provided. D. included in GDP at market prices.
Explain how scarce jobs are allocated when a minimum wage is in place
What will be an ideal response?
Disguised unemployment refers to
a. workers who shirk their responsibilities and don't contribute to output b. unemployed people who don't admit they are unemployed c. workers whose output is valued at less than their wage d. unemployed people who pretend to be working e. none of the above
The aggregate demand curve is the total quantity of an economy's
A) intermediate goods demanded at different inflation rates. B) intermediate goods demanded at a particular inflation rate. C) final goods and services demanded at a particular inflation rate. D) final goods and services demanded at different inflation rates.