If the economy is experiencing lower levels of unemployment, the short-run Phillips curve suggests that ____ additional employment can be purchased at ____ rates of inflation
a. greater; relatively low
b. greater; higher
c. lower; lower
d. No such employment-inflation relationship is suggested by the Phillips curve.
b
You might also like to view...
At the equilibrium rate of interest:
A) the quantity of credit demanded falls short of the quantity of credit supplied. B) the quantity of credit demanded equals the quantity of credit supplied. C) the quantity of credit demanded is zero. D) the quantity of credit supplied is zero.
How much pollution should be cleaned up can be found where the marginal benefits of additional reduction of pollution _____.
a. is less than the marginal cost of reducing the additional pollution. b. equals the marginal cost of reducing the additional pollution. c. equals the average cost of reducing the additional pollution d. is greater than the marginal cost of reducing the additional pollution.
Shifting resources from other goods to security goods may not increase a nation's national security if
a. the law of increasing opportunity cost is not applicable b. the economy is already at full employment c. the economy is not at full employment d. national security is already at its maximum e. other nations react to the shift by increasing their own spending on national security
The equilibrium rental income paid to the owners of capital at any point in time equals the
a. marginal product of capital. b. value of the marginal product of capital. c. percentage of profits paid out to stockholders in the form of dividends. d. equilibrium purchase price of capital.