The negative relationship between unemployment and inflation is known as the
A) aggregate supply curve.
B) aggregate demand curve.
C) Phillips curve.
D) efficiency wage line.
C
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If a nation is more productive than a trading partner, can it still gain from trade with that partner? Use the concepts of absolute and comparative advantage to explain
What will be an ideal response?
The permanent-income hypothesis can reconcile the cross-section and time-series consumption studies by incorporating the reasonable assumption that at any one time many people are rich because they are enjoying unusually high ________ income, causing
them to have an unusually ________ saving ratio. A) permanent, high B) permanent, low C) transitory, high D) transitory, low
Briefly explain the process of multiple deposit creation
What will be an ideal response?
If a positive permanent supply shock were to occur, the resulting equilibrium would be a:
A. higher level of output at lower prices. B. lower level of output and prices. C. higher level of output and prices. D. lower level of output at higher prices.