The long-run Phillips curve is:
A. vertical, implying a long-run trade-off between unemployment and inflation.
B. downward-sloping, implying that the unemployment rate always returns to its natural rate in the long run.
C. downward-sloping, implying a trade-off between unemployment and inflation.
D. vertical, implying that the unemployment rate always returns to its target rate in the long run.
Answer: D
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Tax loopholes increase the progressivity of the federal income tax
a. True b. False Indicate whether the statement is true or false
There are currently about _______ million Americans who are members of labor unions.
Fill in the blank(s) with the appropriate word(s).
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A. higher B. lower C. about the same