Comparing the short-run Phillips curve and the long-run Phillips curve, we see that there is
A) no relationship between the two curves.
B) no tradeoff in either curve.
C) a tradeoff in both curves.
D) only a long-run tradeoff between inflation and unemployment but not a short-run tradeoff.
E) only a short-run tradeoff between inflation and unemployment but not a long-run tradeoff.
E
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Measured as a share of GDP, the total federal debt
a. increased during the 1990s, but it has declined substantially during the most recent decade. b. increased substantially during the recession of 2008-2009, but it is still well below the levels of the 1960s and 1970s. c. has steadily trended downward during both the 1990s and the most recent decade. d. is now approximately 100 percent of GDP, which is higher than at any time since the years immediately following World War II.
How much is the APC when disposable income is $8 trillion?
