In 2001, Congress and President Bush instituted tax cuts. According to the short-run Phillips curve, in the short run this change should have
a. reduced inflation and unemployment.
b. raised inflation and unemployment.
c. reduce inflation and raised unemployment.
d. raised inflation and reduced unemployment.
d
Economics
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The consensus among researchers is that union workers earn 15 percent more than otherwise identical nonunion workers. This means unions have probably raised wages
a. exactly 15 percent. b. less than 15 percent. c. at least 15 percent. d. more or less than 15 percent, but one cannot tell exactly.
Economics
When equilibrium real GDP falls short of potential GDP, there is a(n)
a. inflationary gap. b. potential gap. c. recessionary gap. d. precautionary gap.
Economics