Which of the following shifts the long-run Phillips curve left?
a. both an increase in the inflation rate and a decrease in the minimum wage rate
b. an increase in the inflation rate, but not a decrease in the minimum wage rate
c. a decrease in the minimum wage rate, but not an increase in the inflation rate
d. neither a decrease in the minimum wage rate nor an increase in the inflation rate
c
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Suppose a firm in a competitive market produces and sells 150 units of output and earns $1,800 in total revenue from the sales. If the firm increases its output to 200 units, total revenue will be
a. $2,000. b. $2,400. c. $4,200. d. We do not have enough information to answer the question.
Figure 17-12
At a world price of $1.00 in ,
a.
20 units will be exported
b.
20 units will be imported
c.
50 units will be exported
d.
50 units will be imported
e.
10 units will be exported