Over the long run the Volcker disinflation
a. shifted the short-run and long-run Phillips curves left.
b. shifted the short-run, but not the long-run Phillips curve left.
c. shifted the long-run, but not the short-run Phillips curve left.
d. None of the above is correct.
b
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Which of the following are included in the U.S. current account balance?
I. exports to Japan II. interest payments made to Canada III. transfer payments made to Israel A) I only B) I and II C) I and III D) I, II and III
The demand and supply functions for sweatshirts (the basic grey kind) are as follows:
Demand Supply Quantity Quantity Demanded Supplied Price (per period) Price (per period) $10 15,000 $10 22,000 9 15,500 9 19,000 8 16,000 8 16,000 7 16,500 7 13,000 6 17,000 6 10,000 5 17,500 5 7,000 4 18,000 4 4,000 3 18,500 3 1,000 2 19,000 2 0 a. Graph the demand and supply functions for sweatshirts and find the equilibrium price and quantity. b. What effect will an increase in the price of gym shoes (a complement) have on the equilibrium price and quantity of sweatshirts, all else constant? Illustrate the effect using your graph. c. What effect will a wage increase for workers in the sweatshirt industry have on the equilibrium price and quantity of sweatshirts, all else constant? Illustrate the effect using your graph.