A. wholesale price index (WPI)
B. Consumer price index (CPI)
C. GDP deflator
D. Producer price index (PPI)
A. economic theory to explain the simultaneous increases in inflation and unemployment during the 1970s
B. The classical model to explain the prolonged existence of high unemployment during the Great Depression
C. fine tuning during the 1960s
D. the economy to grow at a rapid rate during the 1950s
A. imperfectly competitive markets:
B. Only the long run adjustments to equilibrium in the economy
C. The functioning of individual industries and the behavior of individual decision-making units business firms and households
D. the economy as a whole
A. reduce inflation with little or no increase in unemployment
B. Increase inflation but would decrease unemployment by an unusually large amount
C. increase inflation with little or no decrease in unemployment
D. reduce inflation but it would increase unemployment by an unusually large amount
A. H
B. F
C. E
D. c
A. d
B. G
C. E
D. b
A. b
B. I
C. a
D. H
A. Shifts the short-run Phillips curve downward and make the unemployment inflation trade-off less favorable
B. Shifts the short run Phillips curve upward and makes the unemployment inflation trade-off more favorable
C. Shifts the short run Phillips curve upward and makes the Unemployment inflation trade off more favorable
D. Shifts the short run Phillips curve downward and makes the unemployment inflation trade off more favorable
A. An increase in the minimum wage
B. An increase in the expected inflation
C. An increase in the price of foreign oil
D. An increase in the aggregate demand
A. The economy will experience an increase in inflation
B. The economy will experience a decrease in inflation
C. Inflation will be unaffected if price expectations are unchanging
D. None of these answers