Experience with the Phillips curve since the 1970s has shown that the:
a. curve can be used as a reliable model to guide public policy.
b. relationship between the inflation rate and the unemployment rate moves in a clockwise direction.
c. curve is not stable.
d. inflation rate and the unemployment rate are equal.
c
Economics
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Which of the following would most likely feature elastic demand?
a. heart surgery b. a required textbook c. fresh green beans d. all of the above
Economics
In a simple closed economy, the income approach to calculating GDP is:
A. wages + interest + rental income + profits. B. wages + interest + government income + profits C. wages + government earned interest + rental income + profits D. wages + interest + rental income profits.
Economics