The short-run Phillips curve is the relation between inflation and unemployment that holds for a given natural rate of unemployment and a
A) given rate of inflation.
B) given expected rate of inflation.
C) given level of unemployment.
D) given expected level of unemployment.
B
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How did the global supply of savings impact the formation of the housing bubble?
What will be an ideal response?
A normal good is defined by economists to be a good:
a. with a negatively-sloped demand curve. b. that is purchased by at least 75 percent of the population. c. that is bought by consumers with normal tastes. d. whose demand increases when incomes increase. e. whose demand decreases when incomes increase.
If a nation's currency depreciates, this will tend to
a. shift a nation's balance of trade toward a deficit. b. cause a deficit in the government's budget (expenditures - revenues). c. make foreign goods more expensive for the nation's citizens. d. make foreign goods cheaper for the nation's citizens.
Based on the graph showing the run-up of nominal home prices, if a person had wanted to buy a house, hold it for one year, and then sell it for a profit, which of the following years would have been the worst to make the purchase in?
a. 1922
b. 1966
c. 1992
d. 2006