The short-run Phillips curve suggests that ____ rates of unemployment can be traded off for ____ rates of inflation
a. lower; higher
b. greater; relatively high
c. less; relatively low
d. less; relatively high
a
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Which of the following is a long-run adjustment?
A) A restaurant hires a new chef. B) A company relocate to a new headquarter in another city. C) A bank hires a new CEO. D) A company hires ten new management trainees.
If the United States were to adopt a policy of free trade with European countries and Japan, this policy would:
A. help the United States and hurt the other countries because the United States has a larger population. B. help all of the countries involved because every country would have a comparative advantage in the production of some goods. C. hurt all of the countries involved because all the countries are capable of producing anything that could be produced in one of the other countries. D. help the United States and hurt the other countries because the United States has more natural resources than the other countries.