The long-run Phillips Curve indicates that macroeconomic policies are effective in increasing output and keeping prices stable in the economy

The above figure shows the U.S. market for 1 carat diamonds. Area B + area D is the

A) decrease in consumer surplus due to the import quota. B) importers' profit from the quota. C) gain in total surplus due to the import quota. D) deadweight loss from the import quota. E) increase in producer surplus due to the import quota.

The larger the share of a good in a consumer's budget, holding everything else constant, the

A) more unit elastic is a consumer's demand. B) more price inelastic is a consumer's demand. C) more price elastic is a consumer's demand. D) more vertical is a consumer's demand curve.