If the economy is at the point where the short-run Phillips curve intersects the long-run Phillips curve,
a. unemployment equals the natural rate and expected inflation equals actual inflation.
b. unemployment is above the natural rate and expected inflation equals actual inflation.
c. unemployment equals the natural rate and expected inflation is greater than actual inflation.
d. None of the above is necessarily correct.
a
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a. federal government b. state governments c. county governments d. city governments
How does the existence of the fringe alter the price and output in an oligopoly market?
The concept of ___________ of scale means that as the scale of output goes up, average costs of production decline.
a. economies b. focus c. advantage d. productivity
Two advisors to the president have given their policy recommendations, and they are in disagreement. Why do these economists disagree?
a. because they do not have all relevant information about the problem b. because they disagree on the nature of some cause-effect relationship c. because they have different values and opinions d. All of the above are reasons for disagreements among economists.