The short-run Phillips curve intersects the long-run Phillips curve where
a. the actual rate of inflation equals the expected rate of inflation.
b. the actual rate of unemployment equals the natural rate of unemployment.
c. Both A and B are correct.
d. None of the above is correct.
c
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The federal budget deficit is found by:
A. subtracting government tax revenues plus government borrowing from government spending in a particular year. B. subtracting government tax revenues from government spending in a particular year. C. cumulating the differences between government spending and tax revenues over all years since the nation's founding. D. subtracting government revenues from the noninvestment-type government spending in a particular year.
Between 1960 and 1973 the poverty rate ___; between 1973 and 1983 the poverty rate ___.
A. rose; rose B. fell; fell C. rose; fell D. fell; rose