The long-run Phillips curve is ________ than the short-run Phillips curve.
A) less stable
B) more volatile
C) steeper
D) flatter
Answer: C) steeper
You might also like to view...
If expectations are formed rationally and wages are inflexible in the short run, the short-run aggregate supply curve is
A) upward sloping. B) horizontal. C) vertical. D) relatively flat.
Which of the following is the most likely effect of lower apple juice prices on the price and quantity purchased of orange juice, a substitute product?
a. The price of orange juice will increase, and the quantity purchased will fall. b. The price of orange juice will fall, and the quantity purchased will increase. c. The price of orange juice will increase, and the quantity purchased will increase. d. The price of orange juice will fall, and the quantity purchased will fall.
Which type of lag is based on the time needed to identify a macroeconomic problem and assess its seriousness?
a. Recognition Lag b. Decision-Making Lag c. Implementation Lag d. Effectiveness Lag
If the economy is currently in a recessionary gap, the SRAS curve intersects the AD curve to the left of Natural Real GDP
Indicate whether the statement is true or false