Economist A. W. Phillips found a negative correlation between wage inflation and unemployment.
Answer the following statement true (T) or false (F)
True
Economics
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If actual output exceeds potential output, ________ shifts upward over time
A) the short-run AD curve B) the short-run AS curve C) the long-run AD curve D) the long-run AS curve
Economics
The price reflecting the true social opportunity costs of a resource is known as
(a) a shadow price. (b) an equilibrium price. (c) a world price. (d) a price index.
Economics