Milton Friedman said that the short-term trade-off of the Phillips curve ______.
a. is less valid than long-tern trade-offs
b. is a result of expected inflation
c. does not exist
d. comes from unanticipated inflation
d. comes from unanticipated inflation
You might also like to view...
Because of the large current account deficits accumulated by the United States since 1981, the United States has become a
A) nation with no official reserves. B) balanced nation. C) broke nation. D) creditor nation. E) debtor nation. The table above gives data on the U.S. balance of payments in 2019.
In a recession, which unemployment rate is the highest?
A) the U-1 unemployment rate B) the U-6 unemployment rate C) the U-2 unemployment rate D) the U-3 unemployment rate E) None of the above answers is correct because the highest unemployment rate changes from one recession to the next.
Nominal GDP, PY, is $7.5 trillion. The quantity of money is $3 trillion. The velocity of circulation is
A) 22.5. B) 10.5. C) 2.5. D) 3.
Julie's demand curve for video downloads is downward sloping because as the price of a download decreases, ________ and she watches ________ videos
A) the slope of her budget line changes; fewer B) her budget line shifts inward; fewer C) the slope of her budget line changes; more D) her budget line shifts outward; more