If the Phillips curve is ________ in the long run, there is no trade-off between inflation and unemployment in the long run.
A. concave
B. convex
C. vertical
D. negatively sloped
Answer: C
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According to this Application, lower oil prices may affect
A) aggregate supply. B) aggregate demand. C) both aggregate demand and aggregate supply D) neither aggregate demand and aggregate supply
Explain why you would rather be a borrower during a period of unexpected rising inflation, and a lender during a period of unexpected declining inflation
What will be an ideal response?
If inflation becomes a serious problem, a Monetarist-oriented President is likely to favor a policy emphasizing
A) slower monetary growth. B) lower interest rates. C) higher taxes. D) wage and price controls.
Total product begins to fall when:
A. average product is below zero. B. marginal product is maximized. C. marginal product is zero. D. average product is negative.