14.Since approximately 1970, the most stable Phillips-type relationship for the United States has be
18.When policy makers decide to revalue the currency, such an action generally represents(A) an incr
20.Research indicates that the more independent the central bank.(A) the smaller the budget deficit.
2. Suppose that some country had an adult population of about 46 million, a labor-force participatio
3. Which of the following statements is not correct?(A) In the long run, there are no fixed costs.(B
4. Monetary neutrality implies that an increase in the quantity of money will(A) increase employment
5. Minimum wages create unemployment in markets where they create a(A) shortage of labor. Unemployme
8. A consumer chooses an optimal consumption point where the(A) ratio of the prices equals one.(B) m
9. Stagflation refers to:(A) a reduction in inflation.(B) a liquidity trap.(C) a simultaneous reduct
11. Other things equal, relatively poor countries tend to grow(A) slower than relatively rich countr
12. If the cross-price elasticity of demand for two goods is -4.5, then(A) the two goods are substit
13. Which of the following statements is correct?(A) In the long run, unemployment and inflation are
15. If the public decides to hold more currency and fewer deposits in banks, bank reserves(A) decrea
16. Two firms are considering going out of business and selling their assets. Each considers what ha
17. Which of the following is an example of crowding out?(A) An increase in government spending incr