A Basis for the Slope of the Short-Run Phillips Curve

question 187

Multiple Choice

A basis for the slope of the short-run Phillips curve is that when unemployment is high there are

• A)downward pressures on prices and wages.
• B)downward pressures on prices and upward pressures on wages.
• C)upward pressures on prices and downward pressures on wages.
• D)upward pressures on prices and wages.

Understand the concept of efficiency in economic terms and identify criteria for evaluating economic policy outcomes.

Recognize the importance of econometrics and empirical data in forming and testing economic hypotheses.

Comprehend the concepts of marginalism and its relevance in economic decisions.

Understand the diverse educational and skill needs of entrepreneurs.

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Definitions:

Corporate Income Tax

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National Debt

The total outstanding borrowing of a government, consisting of internal and external loans, accumulated over years of budget deficits.

Excise Taxes

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