At full employment, the expected inflation rate is
A) higher than the inflation rate.
B) unrelated to the inflation rate.
C) equal to the inflation rate.
D) lower than the inflation rate.
E) unknown.
C
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Refer to the above table. Two countries have per capita real GDPs in 2010 of $5000. If country A has a 4 percent growth rate and Country B a 5 percent growth rate, what will the per capita real GDPs of each be in the year 2060?
A) A: $15,000; B: $30,000 B) A: $40,000; B: $60,000 C) A: $35,550; B: $57,500 D) A: $24,000; B: $35,200
Unemployment refers to a situation in which an individual: a. prefers part-time work rather than full-time work
b. has given up looking for a job because he is discouraged about his prospects. c. is looking for a job but is unable to find one. d. is jobless and also not looking for a job.
Monopoly Industry is one where
a) There is only one producer. b) There are several producers. c) There are significant barriers to the entry of new firms. d) There is one producer and there are barriers to the entry of new firms.
The law of demand is derived under the assumption of
A. constant consumer tastes and preferences. B. constant marginal utility. C. constant real incomes. D. constant prices.