What does the short-run Phillips curve indicate about the tradeoff between inflation and unemployment?
What will be an ideal response?
Because the slope of the short-run Phillips curve is negative, the short-run Phillips curve indicates that a tradeoff between inflation and unemployment exists. Lower inflation can be obtained, but the price is higher unemployment. Similarly, lower unemployment is possible but the price is higher inflation.
Economics
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If a straight line passes through the point x = 8 and y = 4 and also through the point x = 12 and y = 6, the slope of this line is
A) negative one half. B) one half. C) negative 4 divided by 2. D) two.
Economics
Figure 4-25
Refer to . Consumer surplus before the tax was levied is represented by area
a.
A.
b.
A + B + C.
c.
D + E + F.
d.
F.
Economics