The long-run Phillips curve shows the relationship between the inflation rate and the unemployment rate when the economy is
A) in expansion.
B) at full inflation.
C) away from potential GDP.
D) in recession.
E) at full employment.
E
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A firm's short-run average total cost curve is parallel to its short-run average variable cost curve
Indicate whether the statement is true or false
The usefulness of standard goods market price indexes for judging policy is limited because:
A. they include only the price of gold and silver. B. they do not include the price of assets. C. the United States is no longer on the gold standard. D. they include the prices of assets.
At which of the following did the United States agree to implement policies to reduce U.S. inflation and reduce oil imports?
A. Bretton Woods B. Louvre Accord C. Bonn Summit D. Plaza Accords
Scarcity is a situation in which resources are unlimited in quantity and can be used in different ways.
Answer the following statement true (T) or false (F)