When the relationship shown in the Phillips curve is put into the aggregate demand curve, the horizontal portion of the aggregate demand curve disappears

A simple linear demand function may be stated as Q = a - bP + cI where Q is quantity demanded, P is the product price, and I is consumer income. To compute an appropriate value for c, we can use observed values for Q and I and then set the estimated income elasticity of demand equal to:

What will be an ideal response?

Managed float exchange systems were abandoned with the implementation of the gold standard

Indicate whether the statement is true or false