The Phillips curve traces a set of combinations of rates of:
a. interest and unemployment.
b. real GDP and inflation.
c. real GDP and interest.
d. inflation and interest.
e. unemployment and inflation.
e
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Fixed cost increases when output rises.
Answer the following statement true (T) or false (F)
How did families manage to keep up their standard of living in the 1970s and 1980s in the face of falling real wages?
A. They went on welfare and food stamps. B. They tightened their belts. C. They sent their stay-at-home mom to work. D. They went into debt.
"Demand" is a statement of actual purchases.
Answer the following statement true (T) or false (F)
A surplus occurs whenever
A. price is above the equilibrium price. B. price is below the equilibrium price. C. price is equal to the equilibrium price. D. the supply curve is downward sloping.