According to the Phillips curve, unemployment and inflation are negatively related in
a. the short run and in the long run.
b. the short run, but not in the long run.
c. the long run, but not in the short run.
d. neither the long run nor the short run.
b
Economics
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The condition in circular-flow models whereby firms purchase all the goods not purchased by households is that
A) inventory investment is zero. B) saving is zero. C) fixed investment is zero. D) consumption equals investment. E) investment equals saving.
Economics
In a circular-flow diagram, the saving and taxation "pipes" are carrying
A) injections to firms. B) injections to households. C) leakages from firms. D) leakages from households.
Economics