Briefly comment on the predictions of economists Milton Friedman and Edmund Phelps about the ability to exploit a trade-off between inflation and unemployment
What will be an ideal response?
Both Friedman and Phelps (separately) argued that there might be a temporary trade-off between inflation and unemployment. However, both argued that this trade-off could not be exploited permanently. Eventually, expectations of inflation would adjust.
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In the above figure, if a single-price monopolist charges the profit-maximizing price, the triangle dce represents
A) consumer surplus. B) producer surplus. C) deadweight loss. D) marginal revenue.
If waitresses and taxi drivers do not report all of their income to the government, GDP will be understated. This is because the unreported income
a. involves the introduction of new goods. b. is part of the underground economy. c. is an example of nonmarket production. d. represents an increase in leisure time.
If the real GDP in 2003 is $12,400 billion and the implicit price deflator is 1.4, what is the value of nominal GDP in 2003?
A. approximately $886 billion. B. approximately $8,857 billion. C. approximately $15,427 billion. D. $17,360 billion.
Choose three advanced factors that Porter believes are MOST significant for competitive advantage
What will be an ideal response?