In the long run,
a. the natural rate of unemployment depends primarily on the level of aggregate demand.
b. inflation depends primarily upon the money supply growth rate.
c. there is a tradeoff between the inflation rate and the natural rate of unemployment.
d. All of the above are correct.
b
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For many goods, the price elasticity of demand increases over time after a price hike because
A) consumer incomes tend to increase over time. B) inflation increases all prices and incomes over time. C) the ability to find good substitutes for the product whose price rose increases over time. D) All of the above answers are correct.
In the United States, most income comes from
a. capital gains b. stocks and bonds c. providing labor resources d. illegal transactions e. government transfer payments