The modern view of the Phillips curve suggests that:
a. when inflation is reduced, unemployment will fall below the natural rate.
b. the Phillips curve is an unstable relationship.
c. systematic demand stimulus policies will be unable to affect prices in the long run.
d. there will be a trade-off between inflation and unemployment in the long run.
b
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In order to determine personal income, what adjustments have to be made to national income?
A) subtract undistributed corporate profits, corporate income tax, social security taxes, and then add government transfers and private interest payments B) subtract undistributed corporate profits, social security taxes, government transfers, and then add private interest payments C) subtract undistributed corporate profits, corporate consumption allowance, corporate income tax, social security tax and then add government transfers and private interest payments D) subtract corporate income tax and social security taxes and then add corporate dividends, government transfers, and private interest payments
David McClelland, a Harvard psychologist, stressed that individuals vary in their need for ________________
a. Achievement, which he called the "n Ach." b. Acceptance c. Success and happiness d. Positive outcomes