If the short-run Phillips curve shifts to the right, we can conclude that:
a. the trade-off between inflation and unemployment has improved over time.
b. the trade-off between inflation and unemployment has worsened over time.
c. the inflation rate associated with any given level of unemployment has declined.
d. the unemployment rate associated with any given inflation rate has declined.
e. the trade-off between inflation and unemployment has remained unchanged.
b
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A textbook is an example of:
a. capital. b. a natural resource. c. labor. d. all of these.
____ make(s) it difficult for an oligopoly to maintain a cooperative outcome with low production, high prices, and monopoly profits
a. Self-interest b. Incentives to cheat c. Government antitrust policy and regulation d. All of the above
Trade restrictions like tariffs and quotas will
What will be an ideal response?
The spending multiplier:
A. grows larger as the marginal propensity to consume decreases. B. grows smaller as the marginal propensity to consume increases. C. grows larger as the marginal propensity to consume increases. D. None of these is true.