Inflation was a major problem in the United States during the:

Developing countries are damaged by dead capital because

A) it replaces too many workers, creating unemployment. B) resulting inefficiencies greatly reduce the rate of return on investment. C) it must be sold as scrap. D) none of the above.

The equation, Unemployment rate = Natural rate of unemployment - a × (?ctual inflation - Expected inflation),

a. is the equation of the short-run Phillips curve. b. implies there can be no stable short-run Phillips curve. c. reflects the reasoning of Friedman and Phelps. d. All of the above are correct.