If the short-run Phillips curve was a straight line with a very steep slope, the inflation costs of reducing unemployment:
a. are fairly low
b. are fairly high.
c. depend on the current rate of inflation.
d. rises as the economy approaches full employment.
b
Economics
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Which of the following is not an example of a government-imposed entry barrier?
A) occupational licensing B) antitrust legislation C) patents D) barriers to international trade
Economics
Consider a firm with the following cost information: ATC = $15, AVC = $12, and MC = $14 . If we know that this firm has decided to produce Q = 20 by following the rule to maximize profits or minimize losses, then the price of the output is
a. $12 b. $14 c. $15 d. $20 e. indeterminate from the information given
Economics