The Position of the Long-Run Phillips Curve and the Long-Run

question 86

Multiple Choice

The position of the long-run Phillips curve and the long-run aggregate supply curve both depend on

• A)the natural rate of unemployment and monetary growth.
• B)the natural rate of unemployment,but not monetary growth.
• C)monetary growth,but not the natural rate of unemployment.
• D)neither monetary growth nor the natural rate of unemployment.

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Definitions:

Equivalent Unit

A measure used in process costing that converts partially completed units into a smaller number of fully completed units.

Conversion Costs

The combined cost of direct labor and manufacturing overheads involved in converting raw materials into finished goods.

Weighted-Average Cost Method

A costing method that assigns the cost of inventory based on the average cost of all similar items in the inventory, regardless of when they were purchased.

Blending Department

A part of a manufacturing process where ingredients are combined according to specific recipes to produce a final product.