The Sacrifice Ratio Is the Percentage Point Increase in the Unemployment

question 57

True/False

The sacrifice ratio is the percentage point increase in the unemployment rate created in the process of reducing inflation by one percentage point.

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Definitions:

Narragansett Sachem

A title for the chief of the Narragansett tribe, an indigenous group primarily located in areas of present-day Rhode Island.

English Colonization

The process by which England established and expanded its colonies primarily in North America and the Caribbean from the late 16th to early 18th centuries.

Mayflower Compact

An early agreement established in 1620 by the Pilgrims aboard the Mayflower to form a crude government and submit to the majority's rule.

House of Burgesses

The first legislative assembly of elected representatives in North America, established in the Colony of Virginia in 1619.