Some Economists Believe That in the Long Run,the Unemployment Rate

question 32

True/False

Some economists believe that in the long run,the unemployment rate is independent of the inflation rate and so the Phillips curve becomes a vertical line.

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Definitions:

Excludable

A characteristic of a good or service where it's possible to prevent individuals who have not paid for it from having access.

Television Signal

The electronic waves transmitted from a broadcast station that carry audio and visual information to televisions.

Nonrival Consumption

A characteristic of goods where one person's consumption does not reduce availability or enjoyment of the good for others.

Nonexcludable

A characteristic of a good whereby it is not possible to prevent individuals from consuming the good once it has been provided.