When the money supply is expanding and prices rise rapidly, economic growth
What will be an ideal response?
is slowed by the resulting unpredictability of the future level of prices
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Which curve is the same as the market demand curve? Why are the curves the same?
What will be an ideal response?
In the late 1960s, the Friedman-Phelps "natural rate hypothesis" predicted from the microeconomic structure of the labor market that the long-run Phillips Curve is ________, while macroeconomic events caused a very ________ acceptance of this ch
in aggregate supply theory. A) horizontal, rapid B) horizontal, gradual C) vertical, rapid D) vertical, gradual
According to the permanent income hypothesis, a temporary and relatively small increase in income would
A. cause an increase in consumption and saving by the same amount. B. cause a decrease in consumption and saving by the same amount. C. cause no change in consumption. D. cause a large increase in consumption.
________ is the ability of an individual, a firm, or a country to produce a good or service at a lower opportunity cost than competitors
A) Absolute advantage B) Specialization C) Autarky D) Comparative advantage