What is a "cost-of-living" adjustment?
What will be an ideal response?
Increases in nominal wages or benefits to keep purchasing power constant.
Economics
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As the economy moves down and to the left along a short-run aggregate supply curve, it: a. moves up and to the right along the short-run Phillips curve. b. moves up and to the left along the short-run Phillips curve
c. moves down and to the left along the short-run Phillips curve. d. moves down and to the right along the short-run Phillips curve.
Economics
How is the most-valued or optimal point on the production possibilities curve determined?
Please provide the best answer for the statement.
Economics