The short-run Phillips curve is another way of looking at
A) aggregate supply.
B) Okun's Law as applied to aggregate demand.
C) potential GDP.
D) aggregate demand.
E) the natural rate of unemployment.
A
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Assume that you start by hiring one worker at a time. Each time you hire an additional worker the average productivity remains the same
What does this imply about the marginal productivity of each worker that you hire? What will the marginal productivity function look like when graphed?
Advertising: a. cannot influence market demand
b. shifts the average total cost curve upward. c. is used only by perfectly competitive firms. d. makes demand more elastic by creating customer loyalty.
If an economy were experiencing a high rate of unemployment as the result of weak aggregate demand, a Keynesian economist would be most likely to recommend
a. a reduction in taxes coupled with a reduction in government expenditures of equal size. b. an increase in government expenditures coupled with an increase in taxes of equal size. c. a reduction in taxes, without any offsetting reduction in government expenditures. d. maintenance of a balanced budget.
Which of these goods are complements?
(A) Milk and cream (B) Canoe and paddles (C) Coffee and tea (D) Contact lenses and glasses