The division of productive activities among persons and regions so that no one individual or area is totally self-sufficient is known as

One event that undermined the belief that the Phillips curve represented a structural relationship was

A) the belief of Milton Friedman and Edmund Phelps that expected inflation remains constant. B) the erratic behavior of unemployment rates and inflation rates during the 1960s. C) the extended period of time that both unemployment and inflation remained high during the Great Depression. D) the increase in both the inflation rate and the unemployment rate in the 1970s.

In the steady state of Solow's exogenous growth model, an increase in the growth rate of labor force

A) increases output per worker and increases capital per worker. B) increases output per worker and decreases capital per worker. C) decreases output per worker and increases capital per worker. D) decreases output per worker and decreases capital per worker.