The Friedman natural rate theory implies that there is a tradeoff between inflation and unemployment in
A) neither the short run nor the long run.
B) both the short run and the long run.
C) the short run, but not in the long run.
D) the long run, but not in the short run.
C
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Increasing the capital available to the workforce, holding other factors constant, tends to ________ total output while ________ labor productivity.
A. decrease; increasing B. increase; decreasing C. increase; not changing D. increase; increasing
The income elasticity of demand for health care is generally less than 1, indicating consumers consider these services to be luxuries
Indicate whether the statement is true or false
The reserve requirement is the tool used least frequently by the Fed because it can cause abrupt changes in the money supply.
a. true b. false
The supply of money in a country like the United States is controlled by the
A. International Monetary Fund. B. World Bank. C. central bank of the country. D. political party in charge of the government of the country.