The Phillips curve based on the unemployment and inflation rates in the U.S. between 1961 and 1969 was:
a. upward-sloping.
b. downward-sloping.
c. horizontal.
d. vertical.
e. upward-sloping but kinked.
b
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Why is a guaranteed-income program based on the principle of selectivity?
Suppose that last year you borrowed $100 at 5 percent interest to purchase a $100 pair of Nike cross-training shoes. This year you repaid the bank with interest. If the inflation rate was 10 percent last year, your purchase of the shoes would:
A. make you an inflation winner as you saved $5 on the shoes. B. make you an inflation loser as you paid $5 more than you should have for the shoes. C. not be affected at all by the inflation rate. D. be taxed according to COLA adjustments.
The largest component of aggregate income is:
A. rents. B. interest. C. employee compensation. D. profits.
The exchange rate states the price, in terms of one currency, at which another currency can be bought.
Answer the following statement true (T) or false (F)