Moving from the late 1960s to 1970-1973,
a. inflation remained high while the unemployment rate was lower than in the late 1960s.
b. inflation remained high while the unemployment rate was higher than in the late 1960s.
c. inflation remained low while the unemployment rate was lower than in the late 1960s.
d. inflation remained low while the unemployment rate was higher than in the late 1960s.
b
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Which of the following would shift the short-run Phillips curve to the left?
a. a positive supply shock b. an increase in inflationary expectations c. an negative supply shock d. either (a) or (c)
Economic profit is defined as
a. price minus the sum of average fixed and marginal cost b. total revenue minus total implicit cost c. total revenue minus the average total cost d. total revenue minus the sum of implicit and explicit costs e. consumer surplus minus total explicit cost