According to economist Milton Friedman,
a. the short-term validity of the Phillips curve is questionable
b. there might be a short-term trade-off between unemployment and inflation but not a permanent trade-off.
c. trade-off happens between unemployment and inflation happens in the long run but not in the short run.
d. the long-run trade-off between unemployment and inflation comes from unanticipated inflation.
b
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The largest source of income for banks is
a. the interest received from loans b. fees charged to customers for accounts c. money deposited in savings accounts d. fees charged on credit cards
Which of the following is NOT characteristic of a good with elastic demand?
A) The absolute price elasticity of demand is less than 1. B) Total revenue decreases if price is increased. C) Buyers are relatively sensitive to price changes. D) The percentage change in quantity demanded is greater than the percentage change in price.