An analysis of the American economy since 1960 shows that there is a stable relationship between inflation and unemployment
A. only in the short run.
B. only in the long run.
C. in neither the short run nor the long run.
D. in both the short run and the long run.
Answer: A
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Because decreases in inflation increase aggregate spending and short-run equilibrium output:
A. the aggregate demand curve is downward sloping. B. the aggregate demand curve is upward sloping. C. the aggregate demand curve is horizontal. D. the short-run aggregate supply line is downward sloping.
From the economic point of view, what does a professor who posts her syllabus on the Internet and a restaurant that posts its menu outside have in common?
A) They are attempting to exploit others. B) They are reducing competition. C) They are expanding the range of opportunities available to others. D) They are solely in it for the money.
The incentive to collect information is undermined by the ________
A) opportunity cost of collecting information B) asymmetric character of information flows C) free rider problem D) Willamette effect
Which of the following statements regarding the unemployment rates in the U.S. between 1971 and 2002 is true?
a. The unemployment among the whites were much lower compared to the non-whites. b. The unemployment rate for all workers reached a low of 2.9 percent in 1982. c. The unemployment rate of both male and female workers have consistently increased from 1971 to 1998. d. The whites had much higher unemployment rates than the nonwhites. e. Teenagers reported the lowest unemployment rates in the country.