The tradeoff exhibited by the short-run Phillips curve is
A) higher price level with lower real GDP.
B) lower inflation with lower unemployment.
C) changing inflation with constant unemployment.
D) higher inflation with higher unemployment.
E) higher unemployment with lower inflation.
E
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The above figure shows the market for rice in Japan where price is expressed in dollars. S represents the domestic supply curve, and the horizontal line at P = 1 represents the world supply curve. Suppose a free market exists
If a $1 per unit tariff is imposed on imported rice, the quantity of imported rice will decrease by A) Q1 units. B) Q2 - Q1 units. C) Q2 units. D) Q1 - Q2 units.
HI (Hospital Insurance) is financed by a payroll tax, while SMI (Supplementary Medical Insurance) is financed out of general revenues.
A. True B. False C. Uncertain
In a competitive market, if there should be a surplus of a product at a given price:
A) sellers will drive the price down. B) sellers will drive the price up. C) buyers will drive the price up. D) the price will tend to remain constant.
Supply-side economics focuses on tax cuts to stimulate
A. aggregate supply by increasing production. B. government spending. C. household consumption. D. aggregate demand by reducing saving.