A. An increase in the minimum wage
B. An increase in the expected inflation
C. An increase in the price of foreign oil
D. An increase in the aggregate demand
Related Mcqs:
- The short run marginal cost curve cuts the short run total cost curve and short run average variable cost curve ?
A. At their lowest points
B. When they are declining
C. When they are increasing
D. When marginal revenue is zero - The Short run Phillips curve can shift in response to changes in ?
A. Inflationary expectations
B. unemployment
C. the inflation rates
D. wage rates - If, in the long run, people adjust their price expectations so that all prices and incomes move proportionately to an increase in the price level then the long-run Phillips curve ?
A. is vertical
B. is negatively sloped
C. has a slope that is determined by how fast people adjust their price expectations
D. is positively sloped - The Phillips curve is an extension of the model of aggregate supply and aggregate demand because, in the short run, an increase in aggregate demand increase price and ?
A. decreases unemployment
B. decrease growth
C. increases unemployment
D. decreases inflation - Along a short-run Phillips curve, ?
A. a higher rate of inflation is associated with a lower unemployment rate
B. a higher rate of growth in output is associated with a lower unemployment rate
C. a higher rate of inflation is associated with a higher unemployment rate
D. a higher rate of growth in output is associated with a higher unemployment rate. - According to the Phillips curve, in the short run, if policy makers choose an expansionary policy to lower the rate of unemployment ?
A. The economy will experience an increase in inflation
B. The economy will experience a decrease in inflation
C. Inflation will be unaffected if price expectations are unchanging
D. None of these answers - The long-run Phillips curve is ____ at the ____?
A. horizontal, natural rate of inflation
B. horizontal natural rate of unemployment
C. vertical natural rate of inflation
D. vertical equilibrium rate of unemployment - In the long run, the Phillips curve will be vertical at the natural rate of unemployment if ?
A. the long-run aggregate demand curve is horizontal at the natural rate of inflation
B. the long run aggregate demand curve is vertical at potential GDP
C. the long run aggregate demand curve is vertical at potential GDP
D. The long run supply curve is horizontal at the natural rate of inflation - For a competitive firm, its short run supply curve is ______ and its long run supply curve is _____?
A. SMC, LMC
B. SMC above SAVC, LMC above LAC
C. SMC below SAVC, LMC above LAC
D. SMC below SAVC, LMC bellow LAC - In the short run, the competitive firm’s supply curve is the portion of the marginal cost curve that lies above the average variable cost curve?
A. Upward-sloping portion of the average total cost curve
B. upward-sloping portion of the average variable cost curve
C. portion of the marginal cost curve that lies above the average total cost curve.
D. entire marginal cost curve.
E. portion of the marginal-cost curve that lies above the average variable cost curve
