Which of the following is NOT a "flow" variable?
A) government debt
B) consumption expenditure
C) labor services
D) income
A
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Along a given ________ Phillips curve, a lower unemployment rate can be achieved only by paying the cost of a ________ inflation rate, and a lower inflation rate can be achieved only by paying the cost of a ________ unemployment rate
A) long-run; higher; lower B) short-run; higher; lower C) long-run; higher; higher D) short-run; lower; higher E) short-run; higher; higher
Refer to the table above. If the price level is 120, then the aggregate quantity demanded is ________ than the aggregate quantity supplied and the price level ________
A) greater; rises B) greater; falls C) less; rises D) less; falls E) less; might fall, rise or not change depending on whether real GDP is more than, less than, or equal to potential GDP.