Due to a "baby bust" in the 1960s and 1970s, fewer people entered the labor market in the 1980s and 1990s
This demographic event ________ the natural unemployment rate thereby shifting the short-run Phillips curve ________ and shifting the long-run Phillips curve ________.
A) increased; leftward; rightward
B) decreased; rightward; rightward
C) decreased; leftward; leftward
D) increased; rightward; rightward
E) increased; rightward; leftward
C
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The underground economy can be described as
A) production of intermediate goods and services. B) economic production that includes mining. C) economic activity that is hidden from the government to avoid taxes or because the activity is illegal. D) production of infrastructure that spurs growth in the rest of the economy.
Which of the following is emphasized by supply-side economics?
A. the effect of budget deficits on interest rates and aggregate demand B. the effect of government spending on aggregate demand, output, and employment C. the effect of marginal tax rates on aggregate supply D. the effect of budget deficits on the rate of taxation in the future