In the 1960s, the Phillips curve was ________
A) consistent with a positive relationship between inflation and unemployment
B) suggestive of a temporary trade off between inflation and unemployment
C) a very popular explanation for inflation fluctuations
D) all of the above
E) none of the above
C
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Public choice theory assumes that each voter will tend to favor the political candidate who offers: a. programs with the largest social benefits
b. equality of government-provided benefits across all citizens. c. programs that will yield the greatest personal benefits net of personal cost. d. a plan requiring the least amount of tax dollars, regardless of the level of benefits provided.
If there is a recession, the Fed would most likely encourage banks to provide loans by:
A. buying government securities. B. raising the discount rate. C. selling government securities. D. raising the federal funds rate.