The long-run Phillips curve is consistent with
a. a negative relationship between unemployment and the rate of expected inflation.
b. the expected real wage being equal to the actual real wage.
c. the actual price level being equal to the expected price level.
d. no relationship between inflation and unemployment.
e. all of the above except a.
E
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Financial intermediaries are institutions that facilitate the movement of funds from savers to investors because they
A) guarantee positive returns on investments. B) eliminate the costs of negotiating such transactions. C) eliminate risks. D) provide liquidity.
Indicate which of the following individuals would be included in the labor force as defined by the Census Bureau
A) a teenager looking for a part-time job B) a man waiting for recall from a layoff C) a woman who has accepted a new job but has not yet begun working D) All of the above would be included in the labor force.
According to supply-siders
a. there exists a temporary tradeoff between higher inflation and higher output growth. b. there exists a permanent tradeoff between higher inflation and higher output growth. c. there exists no tradeoff between higher inflation and higher output growth. d. there exists a temporary tradeoff between higher inflation and higher output growth during periods of low inflation only.
Income is to wealth as
a. hours are to minutes b. inches are to feet c. periods are to sentences d. demand is to quantity demanded e. learning is to knowledge