The Phillips Curve shows the trade-off between:
a. unemployment and output.
b. inflation and output.
c. unemployment and inflation.
d. imports and exports.
e. unemployment and imports.
c
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The three main monetary policy tools used by the Federal Reserve to manage the money supply are
A) interest rates, tax rates, and government spending. B) open market operations, discount policy, and reserve requirements. C) tax rates, government purchases, and government transfer payments. D) open market operations, the exchange rate of the dollar against foreign currencies, and government purchases.
When a country takes a unilateral approach to free trade, it
a. removes trade restrictions on its own. b. reduces its trade restrictions while other countries do the same. c. does not remove trade restrictions no matter what other countries do. d. is willing to trade with multiple countries at once.