Voluntary trade promotes economic progress because
What will be an ideal response?
it moves goods, services and resources from people who value them less to individuals who value them more.
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The recognition time lag recognizes that it takes time
A) to collect information about the state of the economy. B) for any change in policy to take effect and for people to recognize that the policies are effective. C) to get politicians to agree on the best policy to enact. D) for the politicians to enact the policy once the need for change has been recognized.
Along the short-run Phillips curve SRPC0 the expected inflation rate is
A) 7 percent. B) 3 percent. C) 6 percent. D) an amount that can be determined from the figure, but none of the above answers is correct. E) an amount that cannot be determined from the figure.