In 2009 Congress and President Obama approved tax cuts and increased government spending. According to the short-run Phillips curve these policies should have
a. raised unemployment and inflation.
b. raised unemployment and reduced inflation.
c. reduced unemployment and raised inflation.
d. reduced unemployment and inflation.
c
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For country A, an import is a good produced in
A) country A and purchased by residents of country B. B) country A and purchased by residents of country A. C) country B and purchased by residents of country A. D) country B and purchased by residents of country B.
A business owned by a single individual who is fully liable for its debts is called
a. a corporation. b. a proprietorship. c. a partnership. d. an agency.
Which of the following is an example of structural unemployment?
A. An autoworker who is temporarily laid off from an automobile company due to a decline in sales. B. A geologist who is permanently laid off from an oil company due to a new technological advance. C. A worker at a fast-food restaurant who quits work and attends college. D. A real estate agent who leaves a job in Texas and searches for a similar, higher paying job in California.
A firm should increase the quantity of output as long as its:
A. marginal revenue is greater than its marginal cost. B. marginal cost is greater than its marginal revenue. C. average revenue is greater than its average variable cost. D. average revenue is greater than its average total cost.