According to the modern expectational Phillips curve illustrated inFigure 15-2 , unemployment will temporarily rise above the natural rate of unemployment when
a. inflation turns out to be lower than what people expected.
b. inflation turns out to be higher than what people expected.
c. inflation turns out to be equal to what people expected.
d. all of the above are true.a
b
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Obstacles that restrict trade, either domestic or international, will
a. reduce output, income, and the general living standard of the populace. b. help people achieve higher income levels. c. help promote high rates of economic growth. d. encourage domestic business firms to expand output so they can achieve larger gains from the adoption of mass production techniques.
Which of the following is subject to double taxation?
A. income earned by government employees B. dividends and retained earnings C. Social Security income D. income earned by people in the lowest tax bracket