Most economists think that the economy's self-correcting mechanism is
a. relatively rapid.
b. rapid in the short run and sluggish in the long run.
c. sluggish in the short run and rapid in the long run.
d. relatively sluggish.
d
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A given short-run Phillips curve shows that an increase in the inflation rate will be accompanied by a lower unemployment rate in the short run
a. True b. False Indicate whether the statement is true or false
Suppose that 1983 is the base year for the Consumer Price Index (CPI) and in 2015 the CPI was 226. What does this "226" mean?
A) What cost $100 in 1983 on average cost 226 times as much in 2015. B) What cost $100 in 1983 on average cost $226 more in 2015. C) What cost $100 in 1983 on average cost 100/226 (or 0.44 ) times as much in 2015 (that is, it will cost $22 in 2015). D) What cost $100 in 1983 on average cost $126 more in 2015.