The Phillips curve shows the relationship between
A. the rate of inflation and the rate of unemployment.
B. the rate of growth of real GDP and the rate of unemployment.
C. real prices and real GDP.
D. the rate of inflation and the rate of growth of real GDP.
Answer: A
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For country Gamma, the opportunity cost for producing 1 computer is 10 tons of steel. For country Beta, the opportunity cost for producing 1 computer is 6 tons of steel. Which country has the comparative advantage in the production of steel?
A) Gamma B) Beta C) Both have the comparative advantage in the production of steel. D) Neither country has the comparative advantage in the production of steel. E) More information is needed to determine which of the two nations has the comparative advantage.
What is one of the major welfare challenges today and how is it being tackled in the United States?
What will be an ideal response?
A set of actions that a firm takes to achieve a goal is the definition of a
A) business prospectus. B) business strategy. C) business goal. D) business plan.
Wealth ________
A) may serve the monetary function of store of value B) means essentially the same as money C) differs from money in that wealth is more liquid D) is the flow that corresponds to the stock of income E) none of the above