If the Phillips curve represents a "structural relationship," then
A) the Phillips curve will be vertical in the long run.
B) the trade-off between unemployment and inflation is permanent.
C) the trade-off between unemployment and inflation holds only for the short run.
D) the trade-off between unemployment and inflation holds in the long run, but not in the short run.
B
Economics
You might also like to view...
Keynesians explain the procyclical behavior of average labor productivity by introducing the concept of
A) menu costs. B) sticky prices. C) labor hoarding. D) sticky wages.
Economics
Price reductions will usually result whenever the quantity supplied exceeds the quantity demanded at the current price
a. True b. False Indicate whether the statement is true or false
Economics