An MSN Survey in 2001 Reported That for the Age

question 135

True/False

An MSN survey in 2001 reported that for the age group under 25,e-mail was fast replacing face-to-face contact and that most young people no longer desire face-to-face contact with friends.

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Definitions:

Short-run Phillips Curve

A curve illustrating the inverse relationship between the rate of inflation and the rate of unemployment in an economy for a short-term period.

Expected Inflation

The rate at which consumers, businesses, and investors expect prices to rise over a future period.

Long-run Phillips Curve

The long-run Phillips Curve is an economic concept that illustrates the relationship between inflation and unemployment, suggesting that in the long run there is no trade-off between these two factors.

Potential Output

The upper limit of real GDP sustainable over an extended period without inflating the inflation rate.