Which of the following observations concerning the Phillips curve is not true?
A. They are normally upward-sloping.
B. They are more commonly constructed for price inflation.
C. They depict the inverse relation between wage inflation and unemployment.
D. They depict the rate of unemployment on the horizontal axis.
Answer: A
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A tax cut will have a greater effect on equilibrium real GDP if the
A. average propensity to consume is larger. B. marginal propensity to save is larger. C. marginal propensity to save is smaller. D. marginal propensity to consume is smaller.
What is the free-rider problem, and how is it related to public goods?
What will be an ideal response?
Which of the following is NOT a function of the Federal Reserve System?
A) providing for check collection and clearing B) holding deposits of member banks C) supervising member banks D) making loans to college students
If, for a given disposable income level, the disposable income line lies above the consumption curve, saving:
a. equals consumption. b. equals disposable income. c. is less than zero. d. is equal to zero. e. is greater than zero.