Which of the following led to the collapse of the Phillips Curve?
a. Rightward shift in the demand for labor curve
b. Leftward shift of the Phillips curve
c. Leftward shift of the aggregate supply curve
d. Rightward shift of the aggregate demand curve.
c
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Forecasts by the Congressional Budget Office show spending on Social Security, Medicare,
and Medicaid rising from 10.1 percent of GDP in 2015 to ________ percent of GDP in 2090, and by 2090 the federal government will be spending, as a fraction of GDP, ________ on these three programs as it currently spends on all programs combined. A) 16.2 percent; half as much B) 19.8 percent; half as much C) 19.8 percent; nearly as much D) 16.2 percent; nearly as much
Explain how each of the following could discourage economic growth:
a. The government closes all of the schools so that more people will be available for work. b. The country fears military invasion and spends half of its income on military goods.