Keynesian macroeconomists argue that the short-run Phillips curve ________ represent a usable trade-off for policymakers because ________
A) does; prices are sticky
B) does; prices are not sticky
C) does not; prices are not sticky
D) does not; prices are sticky
A
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When economic profits in a perfectly competitive industry are positive
A) new firms will be attracted to the industry, and economic profits will decline to zero. B) the industry is in equilibrium. C) firms will increase output to earn even higher profits. D) firms will increase prices while they have the opportunity.
Last year your job at the university cafeteria paid you $9 an hour and the price of a music download was $1.00 . This year your cafeteria job pays $9.90 per hour and download costs $1.10 . You are clearly
a. worse off because of inflation. b. worse off because the download is now relatively more expensive. c. better off because your wage rate went up. d. better off because the download now costs less work.