The long-run Phillips curve represents the relationship between the inflation rate and the unemployment rate when there is no ________ unemployment

Which of the following is closely associated with activists?

a. external shocks to the economy b. aggregate demand management c. policy changes that come follow fixed rules d. avoiding supply shocks

Which of the following examples is elastic but not perfectly elastic?

a. When milk is discounted by 10 percent, sales increase by 20 percent. b. When corn is discounted by 2 percent, sales increase by 100 percent. c. When HD televisions are discounted by 3 percent, sales increase by 200 percent. d. When motorcycles are discounted by 5 percent, sales increase by 500 percent.