In the long run,
a. the Phillips curve is upward sloping.
b. the Phillips curve is downward sloping.
c. monetary policy can influence the unemployment rate.
d. monetary policy cannot influence the unemployment rate.
e. the Phillips curve is horizontal.
D
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Refer to Figure 11-4. Within a country, the impact of wars and revolutions and their subsequent destruction of capital is reflected in the per-worker production function in the figure above by a movement from
A) B to A. B) E to B. C) B to C. D) A to C.
Two goods are considered substitutes only if a(n)
a. decrease in the demand for one leads to a decrease in the supply of the other b. increase in the demand for one leads to a decrease in the supply of the other c. increase in the price of one leads to an increase in the demand for the other d. decrease in the price of one leads to an increase in the demand for the other e. decrease in the supply of one leads producers to switch to production of the other