The Phillips curve is named after the economist A. W. Phillips, who found that there is:
a. an inverse relationship between the PPI and the budget deficit in the United States.
b. an inverse relationship between wage rates in Great Britain and the unemployment rate.
c. an inverse relationship between economic growth and the unemployment rate in Great Britain.
d. a positive relationship between inflation and the unemployment rate in the United States.
e. a positive relationship between British national debt and economic downturns.
b
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The aggregate demand curve is usually
A) downward sloping. B) vertical. C) horizontal. D) upward sloping.
Going to the dentist would be counted in GDP as
A) insurance utilization. B) a measure of welfare. C) a service. D) crowns and fillings.
The productivity standard for the distribution of income can be thought of as
A) rewarding people according to their ability to produce useful goods. B) benefiting only the least productive worker. C) proving that egalitarians are correct. D) rewarding only the wealthy.
Which of the following is true of the present value of an investment?
a. The higher the rate of interest the higher will be the present value of an investment. b. Present value of an investment is an increasing function of the time period of investment. c. The longer the time period of investment the lower will be its present value. d. Present value falls less than proportionately with the length of the delay in payment.