Which of the following is a true statement?
A. There is a long-run trade-off between inflation and unemployment.
B. There is no trade-off between inflation and unemployment in the short-run.
C. The short-run Phillips Curve is horizontal.
D. The long-run Phillips Curve is vertical.
D. The long-run Phillips Curve is vertical.
You might also like to view...
The graph illustrates the supply of sweaters. A fall in the price of sweaters brings
A) a decrease in the quantity supplied of sweaters. B) a movement along the supply curve. C) a shift of the supply curve. D) Both answers A and B are correct. E) Both answers B and C are correct.
________ policies seek to promote rapid industrialization by erecting high barriers to foreign goods to encourage local production,
A) Comparative advantage B) Primary-export-led development C) Import-substitution development D) Outward-looking development
The demand curve facing a monopolist will be more elastic
A) the greater is the number of substitute products. B) as the consumers' need for the good increases. C) the greater is the amount of fixed costs to cover. D) as the number of consumers increases.
You find that your paycheck for the year is higher this year than last. Does that mean that your real income has increased? Explain carefully