The short-run Phillips curve portrays a(n):
a. direct relationship between total employment and the inflation rate
b. inverse relationship between inflation and total employment.
c. direct relationship between the unemployment rate and the inflation rate.
d. inverse relationship between the unemployment rate and the inflation rate.
e. inverse relationship between the price level and the unemployment rate.
d
You might also like to view...
The short run aggregate production function is subject to ________ if capital stock is increased, holding the total efficiency units of labor as constant
A) increasing returns to scale B) constant returns to scale C) decreasing returns to scale D) the Law of Diminishing Marginal Product
According to this Application, from the early 1990s until quite recently, the U.S. economy grew. This growth in the U.S economy
A) decreased foreign investment in the U.S. B) decreased imports to the United States. C) caused the level of U.S. exports to decline. D) increased the U.S. demand for foreign products.