Which of the following is a better measure of the productivity of employed people in a country?

During the 1990s, Japan experienced periods of deflation and nominal interest rates that approached zero percent. Why would anyone lending money agree to a nominal interest rate of almost zero percent?

What will be an ideal response?

Which of the following observations concerning the Phillips curve is not true?

a. They are normally upward-sloping. b. They are more commonly constructed for price inflation. c. They depict the inverse relation between wage inflation and unemployment. d. They depict the rate of unemployment on the horizontal axis.