The short-run Phillips curve holds that
A) high inflation and high unemployment can occur together.
B) low inflation and low unemployment can occur together.
C) high inflation and low unemployment can occur together.
D) b and c
C
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Olive oil producers want to sell more olive oil at a higher price. Which of the following events would have this effect?
A) an increase in the price of land used to plant olive trees B) an increase in the price of olive oil presses C) research finds that consumption of olive oil reduces the risk of heart disease D) a decrease in the cost of transporting olive oil to markets
At any quantity of output above the intersection of the marginal revenue and marginal cost curves:
A. ATC equal to AVC. B. MR is higher than MC. C. profits are being maximized. D. MR is lower than MC.
The existence of alternative uses for a resource implies it isn't scarce.
a. true b. false
A country which has a higher ratio of capital to other factors of production than does the rest of the world is
A. relatively capital-scarce. B. said to have a low capital-output ratio. C. operating at a point inside its production-possibility curve. D. relatively capital-abundant.