In the 1960s and early 70s, economists believed that the Phillips curve indicated:
a. a menu of macroeconomic choices available to policy makers
b. that higher levels of employment could be achieved with lower inflation.
c. that higher inflation was the price for more unemployment.
d. all of the above.
a
Economics
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Excluding household and underground production leads to
A) underestimation of real GDP but not nominal GDP. B) overestimation of real GDP but not nominal GDP. C) overestimation of both real GDP and nominal GDP. D) underestimation of both real GDP and nominal GDP. E) underestimation of real GDP an overestimation of nominal GDP.
Economics
The area beneath a consumer's demand curve out to the quantity purchased represents
a. consumer's surplus. b. the region of mutual advantage. c. the total value of the consumer's purchases. d. the marginal value placed on the last unit consumed.
Economics