The long-run Phillips curve is a
A) straight line with a 45 degree slope showing the long-run relationship between the inflation rate and the expected inflation rate.
B) vertical line that shows the relationship between inflation and unemployment when the economy is at full employment.
C) vertical line indicating a positive relationship between inflation and unemployment.
D) horizontal line indicating a positive relationship between inflation and unemployment.
E) horizontal line that shows the relationship between inflation and unemployment when the economy is at full employment.
B
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Which of the following is true?
i. The advanced economies account for more than half of global production. ii. Almost four out of every five people in the world live in the developing economies. iii. In the advanced economies, agriculture accounts for a larger part of total production than in the developing economies. A) Only i and ii B) i, ii, and iii C) Only i D) Only ii and iii E) Only i and iii
What role can the government play in correcting problems of imperfect information?
What will be an ideal response?