The part of consumption that is determined by income is referred to as autonomous consumption

The long-run Phillips curve applies when the economy is at full employment, so the long-run Phillips curve is ________, which demonstrates that changes in the inflation rate ________ effect on unemployment

A) horizontal; have no B) an upward sloping straight line with a 45 degree slope; have an C) vertical; have no D) vertical; have an E) a downward sloping straight line with a 45 degree slope; have an

Prices are useful in coordinating society’s economic planning because

A. they convey information about which goods are scarce and which are plentiful. B. economies based on price systems are more flexible than centrally planned economies. C. economies based on price systems are more likely than centrally planned economies to minimize the cost of producing society’s output. D. All of the responses are correct.