In the long run:
A. attempts to "fine-tune" the economy cause the rate of unemployment to accelerate.
B. there is no inflation-unemployment trade-off.
C. there is an inflation-unemployment trade-off and the terms of that trade-off have worsened
in recent years.
D. there is an inflation-unemployment trade-off, but the terms of that trade-off have improved
in recent years.
B. there is no inflation-unemployment trade-off.
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Real business cycle proponents would agree with all of the following except
a. the government's efforts to stabilize the economy can be counterproductive. b. unanticipated changes in the money supply are destabilizing to the economy. c. business cycles are a natural response to technology shocks. d. markets are perfectly competitive.
In 2005, about 5 percent of all members of the U.S. labor force were holding more than one job. This is called moonlighting. To reduce unemployment, should the government ban moonlighting?
What will be an ideal response?
Which of the following countries has the lowest export ratio?
A. Haiti. B. Samoa. C. The United States. D. India.
Suppose you observe that as a TV manufacturer increases its price its total revenue decreases. This could be due to:
A. demand being price inelastic. B. demand being price elastic. C. demand being unit elastic. D. demand being perfectly price inelastic.