According to the short-run Phillips Curve, there is a trade-off between
(a) interest rates and inflation
(b) the growth of the money supply and interest rates
(c) unemployment and economic growth
(d) inflation and unemployment
(e) economic growth and interest rates
Answer: (d) inflation and unemployment
Economics
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Gross domestic product (GDP) figures tend to understate the quantity of goods and services available because: a. GDP excludes the value of goods produced at home
b. many items are counted twice or more in the intermediate stages of production. c. more women are entering the labor force. d. firms often add less to inventories than they planned to. e. exports are subtracted from GDP but imports are not added.
Economics
What is economic growth?
What will be an ideal response?
Economics