Chp 7 & chp 8
Multiple Choice Identify the letter of the choice that best completes the statement or answers the question. Figure 7-4
1. Refer to Figure 7-4. Which area represents producer surplus when the price is P2? a. BCE b. ACF c. ABED d. AFEB 2.
Principles of Economics
by N Gregory Mankiw
The Video Series script
Principle #10: Society Faces a Short-Run Tradeoff between Inflation and Unemployment
In 1979, members of the OPEC oil cartel raised oil prices substantially for the second time in the dec
Inflation, Unemployment, and the Phillips Curve
How the Phillips curve demonstrates the inflationunemployment tradeoff that policy makers face.
Building the Phillips Curve
= (u u ) + v
The Phillips curve states that inflation depends on expected infl