The short-run Phillips curve shows the relationship between the inflation rate and the unemployment rate when ________ remain(s) constant
A) fiscal policy
B) the natural unemployment rate and the expected inflation rate
C) monetary policy
D) interest rates
E) aggregate demand
B
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The wealth of nations is determined by the resources available to a nation and was discussed in 1776 by the famous economist, __________________.
Fill in the blank(s) with the appropriate word(s).
In economics, the term "free market" refers to a market where no sales tax is imposed on products sold
Indicate whether the statement is true or false
The ratio of debt to GDP in the United States
a. tends to rise during wars. b. rose during the decade that began in 2001. c. fell during the late 1990s. d. All of the above are correct.
Idiosyncratic error is the error that occurs due to _____.
A. incorrect measurement of an economic variable B. unobserved factors that affect the dependent variable and change over time C. unobserved factors that affect the dependent variable and do not change over time D. correlation between the independent variables