A.H. Phillips developed the Phillips curve concept by looking at the relationship between:
a. inflation and unemployment
b. wages and employment.
c. wage inflation and monetary policy.
d. inflation and output.
a
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One of the consequences of inflation between 1950 and the 1970s was ________
A) a large increase in the federal deficit as a percentage of GDP B) a relaxation of the government budget constraint C) an increase in the dependency ratio D) a reduction in the ratio of debt to GDP
Billie Jean has $120 to spend and wants to buy either a new amplifier for her guitar or a new mp3 player to listen to music while working out. Both the amplifier and the mp3 player cost $120, so she can only buy one. This illustrates the basic concept that
a. trade can make everyone better off. b. people face trade-offs. c. rational people think at the margin. d. decisions made at the margin are not particularly important.
Government spending is projected to rise over the next few decades. Three of the most important reasons are spending on Social Security, Medicare, and healthcare
a. True b. False Indicate whether the statement is true or false
A country's financial account includes which of the following?
a. net investment income b. net transfers c. exports d. imports e. sales of assets to other countries